Case Law Details
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 decision in its support. In view of these fact, we find no reason to interfere with the order of CIT(A) and thus the ground of Revenue is dismissed.
Held by ITAT
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 decision in its support. In view of these fact, we find no reason to interfere with the order of CIT(A) and thus the ground of Revenue is dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
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