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2016 (4) TMI 738 - AT - Income TaxCapital gain arising out of the sale of leasehold land - STCG OR LTCG - whether section 50 is applicable in the facts and circumstances of the case? - Held that:- The said provision is applicable where the capital is an asset forming part block of asset in respect of which depreciation is allowed under the Act. We are unable to accept the contentions of ld. Counsel for the assessee, as already noted section 50 is applicable where capital is an asset forming part of a block of assets in respect of which the depreciation was allowed under the Income Tax Act. In so far as the land and building in question is concerned, the assessee has himself claimed the depreciation which has been duly allowed by the AO. Thus, the provisions of section 50 of the Act, then, are clearly applicable in the case of assessee and the profit arises from the sale of land and building is chargeable to tax as STCG as rightly held by the authorities below. Disallowance on account of foreign travel - Held that:- The claim of the assessee on account of expenditure incurred for foreign travel of his wife is sustained and it is an allowable expenditure as held by the HON’BLE HIGH COURT OF KERALA in the case of CIT vs. APPOLLO TYRES LTD [1998 (8) TMI 68 - KERALA High Court] and disallowance thereon confirmed by the CIT-A is not justified
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