1984 (2) TMI 105 - AT - Income Tax

Summary

The appeal involved computation of short term and long term capital gains on the sale of property with sheds. The CIT(A) bifurcated the total consideration between land and building. The ITAT allocated capital gains into LTCG and STCG on a proportionate basis, with STCG at Rs. 7,500 and LTCG at Rs. 36,933. The latter amount was eligible for relief under s. 80T of the Act. The appeal was partly allowed.