Allowability of short-term capital loss on depreciable asset on demolition of building

DCIT Vs Ackruti Safeguard Systems Pvt. Ltd. (ITAT Delhi) We find that CIT(A) while deciding the issue in favour of the assesse has given a finding that assessee had followed the right method of calculating the short term capital loss on the building which was demolished during the year and since there was no other asset in the said block, assessee had claimed the WDV of the said asset as short term capital loss as per the provision of Section 50(2) of the Act. Before us, no fallacy in the findings of the CIT(A) has been pointed out by Revenue nor Revenue has placed any contrary binding decisio...