Held that the rental income from the Godown had been offered to tax under the head Income from house property, therefore profit on sale of Godown assessable as long term capital gains. Compensation received for relinquishment of right to receive residential Flat under allotment letter was rightly assessed as long term capital gains. Interest expenses claimed as part of acquisition as regards computation of Indexation cost, matter remanded. (AY. 2014-15)
ACIT v. Gandhi Plastic Industries (2022) 98 ITR 87 (SN)(Mum) (Trib)
S. 45 : Capital gains-Business income or capital gains-Sale of Godown-Rental income was offered as income from house property-Profit on sale of Godown assessable as long term capital gains-Compensation for relinquishment of right to receive residential Flat under allotment letter-Assessable as capital gains-Interest expenses claimed as part of acquisition-Indexation cost-Matter remanded. [S. 28(i), 48]