CAPITAL GAINS
Last updated: 24 August 2007
Court :
IT Appeal No.947 (CHD.) Of 2004
Brief :
The assessee tr. two assets by single agreement for composite consideration. Can he calculate 'capital gains' seperately for each asset ?
Citation :
Asst. C.I.T. Vs. Yamuna Syndicate Ltd.
Capital Gain :: Asst. C.I.T. Vs. Yamuna Syndicate Ltd. 09/25/2006 IT Appeal No.947 (CHD.) Of 2004
Case Fact:Whether, where assessee has transferred two assets by a single agreement for a composite consideration, assessee is right in law to segregate consideration among two assets to calculate capital gain?
Decision:
Held by the Hon`ble Bench that It was not in dispute that Land and building are separate capital assets even in the eyes of the Act. Therefore assessee would be well within its right to segregate the consideration amongst the two assets to calculate capital gain.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 57
Comments
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
