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2009 (8) TMI 680

..... ly the capital gains on the building had to be computed as short-term capital gains and the balance value of the land should be treated as long-term capital gains, even though the land and building being one composite asset and the assessee having claimed depreciation on the said asset, as per the provisions of section 50, the entire profit was assessable as short-term capital gains ?2. Whether on .....

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..... stantial questions of law : 1. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in confirming the order of the Commissioner of Income-tax (Appeals) holding that only the capital gains on the building had to be computed as short-term capital gains and the balance value of the land should be treated as long-term capital gains, even though the land and build .....

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..... at section 50 of the Act would apply only when depreciable assets alone are transferred. 3. In the case on hand, the assessee, who was running a lodge, is stated to have sold the property situated at No. 22/44, Venkatrao Road, Salem along with superstructures, namely, the building constructed thereon. While the assessing authority declined the claim of the assessee for exemption under section 54EC .....

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