Nature of capital gains on transfer of buildings /right in lease hold land

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore)

Section 50 of the Act is a special provision for computation of capital gains in case of depreciable assets and is applicable only to capital assets forming part of Block of Assets on which depreciation has been allowed under the Act. and also only for the purposes of sections 48 and 49 of the Act.

It is undisputed that the capital assets transferred by the assessee are lease hold right in the land (acquired in 1991) and building on t

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