CAPITAL GAINS

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.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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