TMI BlogRate of tax - 20% or 30% - share of depreciable assets - In the present case, it is not the plea of the...Rate of tax - 20% or 30% - share of depreciable assets - In the present case, it is not the plea of the Revenue that the property from which the capital gains arose was held by the assessee for less than three years. The Assessing Officer only by application of provisions of section 50 of the Act treated the gains as arisen from transfer of short term capital asset and hence applied the rate of tax @ 30% as applicable in case of short term capital gain. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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