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Sale of land was taxable as capital gains though dep. was claimed on staff quarters built on it

June 21, 2018[2018] 94 318 (Mumbai - Trib.)/[2018] 171 ITD 326 (Mumbai - Trib.)

IT: Where land on a part of which staff quarters were situated was sold and though on such staff quarters depreciation was claimed, no depreciation being claimed on land in earlier years, profit on sale of land would give rise to LTCG

IT: Where assessee sold a land comprised of its workers quarters and offered long term capital gain from sale of land and short term capital gain on staff quarter but had not filed copy of sale deed showing extent of land and building sold and their valuation, no conclusive finding could be given on amount of claim made by assessee; matter was to be remanded

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