Allowing the appeal of the assessee the Court held that ;building was demolished and land alone was subject to development was transferred .Accordingly the provision of S.50 cannot be applied .(CIT v. Union Co.(Motors) Ltd.( 2006)283 ITR 445 ( Mad) (HC) followed. Meena v. Pamnani (Smt.) v. CIT ( 2018) 404 ITR 548(Bom)( HC) is distinguished.)( AY.2004 -05)
Jaidayal Prannath Kapur v. CIT (2018) 408 ITR 315 / 172 DTR 103/ 305 CTR 670/ ( 2019) 307 CTR 757 (Mad)( HC)
S. 50 : Capital gains – Depreciable assets – Block of assets – Sale of land with building — Demolition of building — Land alone subject to development — Consideration is only for land S.50 is not applicable .[ S.45 ]
HI SIR I NEED JUDGMENT DETAILS ABOVE SAID