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TMI Blog2015 (3) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... o the file of ld.CIT(A) for decision afresh in accordance with provisions of law. - Decided in favour of assessee for statistical purposes. Claim of Indexation on long term capital gain on sale of land - additional ground raised - Held that:- Since this is a legal issue and the same is raised first time before this Tribunal, therefore the ground is admitted and restored back to the file of ld.CIT(A) for decision afresh in accordance with law. Thus, this additional ground raised by the assessee is allowed for statistical purposes. - I.T.A. No. 927/Ahd/2011 - - - Dated:- 30-12-2014 - Shri N. S. Saini And Shri Kul Bharat,JJ. For the Appellant : Shri P. F. Jain, A.R. For the Respondent : Shri B. Kulshrestha, Sr. DR ORDE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in appeal prays to submit the following grounds and prayer to be considered in the above appeal. (1) On the long term capital gain assessed, Indexation on cost of land remained to be claimed as per the Act on account of inadvertence, ought to have been allowed while computing taxable long term capital gain. PRAYER: The assessee prays for considering allowing deduction of Index cost for computing capital gain. 2. Briefly stated facts are that the case of the assessee was picked up for scrutiny assessment and the assessment u/s.143(3) of the Income Tax Act,1961 (hereinafter referred to as the Act ) was framed vide order dated 24/12/2009, thereby the Assessing Officer (AO in short) made disallowance of bad debts amounting to &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the ld.CIT(A) has decided this issue by observing as under:- 4.3 I have considered the facts of the case, assessment order and appellant s submission. It is not in dispute that appellant sold depreciable asset and the capital gain on sale of the same is chargeable under section 50. Section 50 refers applicability of Section 48 and 49 subject to the modification that excess of consideration over WDV shall be deemed to be capital gain arising from transfer of short-term capital asset. This section does not say that section 48 and 49 will not apply if capital gain is charged under section 50. Therefore to this extent appellant s claim is not correct. Coming to section 50 C which says that where the consideration received on account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ise, the sale of land and building was together and valued by stamp authority together, the excess value can be attributed to land which is not depreciable asset and outside the scope of section 50. The excess consideration can be taxed even on land. Thus addition is confirmed on either case. 6.1. In the instant case, it is to be examined whether the ld.CIT(A) was justified in holding that section 50C of the Act would have application on the facts of the present case or not. The contention of the ld.counsel for the assessee is that the depreciating asset was transferred, therefore as per section 50C of the Act would have not application. There is no dispute that what is transferred was included the building which was a depreciable asset ..... X X X X Extracts X X X X X X X X Extracts X X X X
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