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2020 (6) TMI 368 - AT - Income TaxCapital gain computation - application of Sec. 50 - Short Term Capital Gains - whether the profit on sale of immovable property is liable to tax as short term capital gains ‘STCG’ or long term capital gains ‘LTCG’? - CIT in treating the profit on sale of asset (vacant land) as Short Term Capital Gains holding that it formed part of block of assets in companies' book - HELD THAT:- Bench observed that the audited accounts and computation of income is required to appreciate the arguments of the ld. AR of the assessee but the ld. AR insisted on hearing the appeal without the said documents. In the absence of any documentary evidence in support of assesee’s claim that the property sold in question was not a depreciable asset, we find no reason to interfere in the order of the ld.CIT(A). Appeal of the assessee is dismissed.
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