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2010 (3) TMI 486 - HC - Income TaxCapital Gain - Whether on the facts and in the circumstances and in law the Tribunal was right in holding that Padma Vilas Palace was not a building used as a hotel ? Held that- there was no failure on the part of the appellate authorities to take into consideration relevant and germane material. The Tribunal had found that in respect of the property at Pune had claimed depreciation at the rate of 10 percent and not at the rate of 20 percent which was the applicable rate for buildings used as hotel. Hence, it was not a building used as a hotel. The assessee was entitled to set off.
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