Self-occupied property cannot enter into block of depreciable asset

Mr. Sonu Nigam Namah Vs ACIT (ITAT Mumbai) Assessee in this case has sold flat on which depreciation was claimed earlier. The written down value of the flat was Rs. 3,81,661/- the sale value of the flat was Rs. 80,87,740/-. The Assessing Officer has computed short term capital gain as per section 50 of the I.T. Act. The assessee has objected in as much as it is the claim of the assessee that the block of asset did not cease to exist. It is the claim of the assessee that the assessee was already having a residential premises “Namah”, part of which is claimed was used as his office. We find ...