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2016 (1) TMI 312 - AT - Income TaxSale of the building - capital gains v/s income from business - Held that:- No doubt as contented by the learned Counsel for the assessee, a business asset can always be converted into an investment and retained by the assessee. The assessee, in support of its contention that the above property was held as an investment, is relying upon the entries in its balance sheet for the year 2007-08 wherein the asset is reflected as an investment. Further, it is also the argument of the assessee that the assessee has never claimed depreciation on the said asset, which proves that the assessee has never treated the asset as a business asset. Further argument is that the assessee, if it had any intention to sell the property as a business asset, could have sold any part of the building as a unit as and when the demand had arisen but has sold the property as a single unit and all these facts go in favour of the assessee that the intention of the assessee was always to retain the asset. We find that the CIT(A) has considered these facts in addition to the longevity of the period of holding to hold the income from transfer of the property is capital gains exigible to tax. The Revenue has not been able to controvert any of these contentions of the assessee or the finding of the CIT(A) with any evidence to the contrary. In view of the same, we do not see any reason to interfere with the order of the CIT(A). - Decided against revenue
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