Block of Assets Continues If New Asset Added Before Year-End: ITAT Mumbai

Windston Springs Private Limited Vs DCIT (ITAT Mumbai) Block of Assets Survives If New Asset Added Before Year-End: Mumbai ITAT Deletes STCG and Section 14A Disallowance The Mumbai Bench of the ITAT allowed the appeals of Windston Springs Pvt. Ltd. for AYs 2014-15 and 2015-16, granting comprehensive relief on capital gains, depreciation, interest disallowance and section 14A issues. For AY 2014-15, the Tribunal held that section 50 (short-term capital gain) was wrongly invoked. Although the assessee sold an old residential building during the year, a new residential building was completed and ...