Saturday 1 February 2014

Loss from sale of depreciable asset would always be short-term capital gain or loss if block ceases

IT : Where assessee incurred loss on sale of car and claimed same as business loss, since assessee had claimed depreciation on its block of assets under section 32(1)(ii) and said car formed part of block of assets and said block had ceased to exit on sale of car, loss was short-term capital loss in terms of section 50


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