{"id":2108,"date":"2018-08-25T08:22:49","date_gmt":"2018-08-25T08:22:49","guid":{"rendered":"http:\/\/itatonline.org\/digest\/acit-v-seth-industries-p-ltd-2018-171-itd-326-mumtrib\/"},"modified":"2018-08-25T08:22:49","modified_gmt":"2018-08-25T08:22:49","slug":"acit-v-seth-industries-p-ltd-2018-171-itd-326-mumtrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-seth-industries-p-ltd-2018-171-itd-326-mumtrib\/","title":{"rendered":"ACIT v. Seth Industries (P.) Ltd. (2018) 171 ITD 326 (Mum)(Trib.)"},"content":{"rendered":"<p>Tribunal \u00a0held that, asset transferred was land and not staff quarters, land is not a depreciable asset and it was not a part of block of assets. In absence of a rate of depreciation having been prescribed, provisions of S.. 50 could not be invoked. Therefore profit on sale of land is assessable as long term capital gains .(AY.2009-10, 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.50 : Capital gains &#8211; Depreciable assets &#8211; Block of assets &#8211; Land on which staff quarters were situated \u2013 Staff quarters depreciation was claimed &#8211; No depreciation was claimed on land- Profit on sale of land is assessable as long term capital gains .[ S.2(11),45 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2108","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-y0","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=2108"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2108\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=2108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=2108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=2108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}