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2017 (11) TMI 504 - AT - Income TaxCapital gain - proof of purchase of property during the year - additions of the properties in the ‘block of asset’- depreciation claimed on the said ‘block of assets’ - Held that:- The purchase transactions in respect of both of the properties under consideration had taken place during the year under consideration, viz. A.Y. 2009-10. We thus are of the considered view that the claim of the assessee in respect of the additions made in the ‘block of assets’ towards purchase of the aforesaid properties, viz. (i). Residential property at Nagpur; and (ii). Property marked as 94, Sector 2, Koparkhairane, Navi Mumbai, is found to be in order. That in the backdrop of our aforesaid observations, we are of the considered view that neither the assessing of an amount of ₹ 93,96,127/- under the head ‘Short term capital gain’, nor the disallowance of depreciation of ₹ 12,699/- could have been made in the hands of the assessee. We thus in terms of our aforesaid observations uphold the order of the CIT(A). Appeal of the revenue is dismissed.
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