Allowing the appeal of the assessee the Tribunal held that there was no failure to disclose material facts hence reassessment is held to be bad in law. On merits the depreciation was not claimed hence sale of land cannot be assessed as short term capital gains. (AY. 2019-10, 2012-13)
Anant Raj Ltd. v. DCIT (2021) 188 ITD 321 / 212 TTJ 836 (Delhi)(Trib.)
S. 147 : Reassessment-After the expiry of four years-Capital gains-Depreciable assets-Block of assets-Sale of land-Reassessment is held to be not justified-Depreciation was not claimed-Capital gains cannot be assessed as short term capital gains. [S. 2(11), 32, 45, 50, 148]