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2006 (2) TMI 93 - HC - Income TaxSale of land – capital gains - "Whether Tribunal was right in holding that the capital gains arising on sale of land and building on which depreciation had been claimed would not be hit by section 50?" - the fact remains that the purchaser had applied for demolition of the building and also demolished the building, which was taken into consideration by the Commissioner and the Tribunal, while arriving at a conclusion that section 50 of the Act is not attracted, as, under the facts and circumstances of the case, it is clear that the sale consideration made by the purchaser is only for the land, since the building had no value and therefore, got demolished. - no error in the order of the authorities below
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