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2010 (1) TMI 659 - HC - Income TaxShort-term capital gains - Depreciable asset - The sale of a building on which depreciation was allowed for several years -The asseessee using the building for business purposes and after claiming depreciation for 21 years, the assessee deliberately did not claim depreciation for two succeeding years, 1996-97 and 1997-98, but simultaneously used the building for business purposes - the sale of a depreciable asset in respect of which depreciation was allowed to the assessee should always be treated as short-term capital gains by virtue of operation of sections 50, 50A and 50B of the Act - Held that: the building being depreciable asset and was being used for business purposes, sale of the same attracts tax on short-term capital gains under section 50 of the Act.
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