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Capital gain

This query is : Resolved 
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(Querist)
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?
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sumit jain

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sumit jain (Expert)
15 October 2011 1.As the building is depreciable hence capital gains shall be short term.

2.You have to comply with 142(1) notice otherwise he can make assessment u/s144
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