Gain on sale of flat to be treated as STCG even if no dep. was claimed for a few years prior to its sale: SC

INCOME TAX : Where assessee had been allowed depreciation on a flat owned by it as a business asset, flat would continue to be part of business asset and depreciable asset even if its non-use disentitled assessee to depreciation for two years prior to date of its sale and, therefore, profit arising on sale of said flat would be assessed as a short-term capital gain under section 50INCOME TAX : Where assessee had been allowed depreciation on a flat owned by it as a business asset, flat would continue to be part of business asset and depreciable asset even if its non-use disentitled assessee to depreciation for two years prior to date of its sale and, therefore, profit arising on sale of said flat would be assessed as a short-term capital gain under section 50www.taxmann.com Latest Case LawsRead More

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