Case Law Details
Case Name : Shri Shrawankumar G. Jain Vs ITO (ITAT Ahmedabad)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Ahmedabad
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Shri Shrawankumar G. Jain Vs ITO (ITAT Ahmedabad)
Conclusion: Assessee was entitled to claim exemption under section 54F on gain earned on the sale of factory shed as factory shed inherently being long-term capital asset as per the provision of Section 2(42A) even if sale of factory shed was subject to short-term capital gain on the basis of deeming provision as specified under section 50.
Held: Assessee had sold its factory shed and shown income earned thereon as Please become a Premium member. If you are already a Premium member, login here to access the full content.
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