15 October 2011
Dear Expertji, An assessee (Pvt Ltd Co.)sold factory land and building in 2009-2010, due to fund problem not paid tax and filed return in AY 2010-11. Now he wants to pay tax and file return also. Assessee used to take Depreciation benefit on factory building. My questions are as under: 1) whether the transaction will be treated as long term capital gain or short term? 2) Assessee has received notice u/s 142 (1) for not filing the return. Is there any other consequences for late filing of return?
CAclubindia
