ITAT Delhi Denied Indexation as Factory Building Treated as Depreciable Asset

ITO Vs Amira Apparels Pvt. Ltd. (ITAT Delhi)

The appeal before the Income Tax Appellate Tribunal, Delhi Bench concerned the tax treatment of capital gains arising from the sale of land comprising two distinct portions—one with a factory building and the other claimed as agricultural land. The Assessing Officer denied indexation on the factory building, treated it as a depreciable asset taxable under section 50, and rejected the agricultural land claim due to lack of evidence of agricultural activity, resulting in substantial long-term capital gains additions. The Commissioner (Ap

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