9911796707
TMI Blog2019 (3) TMI 1555X X X X Extracts X X X X X X X X Extracts X X X X ..... this appeal against the judgment of the Income Tax Appellate Tribunal raising following questions for our consideration: "I. Whether on the facts and in the circumstances of the case and in law, the ITAT is justified in holding that there did not exist any building on the sold property especially in view of the fact the specification in agreement of sale and incriminating material found in survey ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pital gain the depreciated value of the super structure should be taken into consideration. Learned counsel for the assessee however pointed out that such statement was promptly retracted. 3. The Tribunal by the impugned judgment held that there was no super structure on the land, which could be subjected to depreciation. The Tribunal noted that the property remained as land and minimum structure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turing activities in Kalachowki building was also accepted. Hence, the Ld CIT (A) has held that the assessee did not carry on any manufacturing activity in Kalina Property. Having held so, we are not able to understand as to how the Ld. CIT (A) could hold that the Kalina property could have been subjected to depreciation. The facts noted down by the Ld. CIT(A), in our view, shows that the Kalina p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment records for the periods from AY 1975-76 onwards during the course of assessment proceedings undertaken in the year 2012. It may be noticed that considerable time has elapsed by that time and it would be difficult for anyone to produce old records, that too, more than 20 years old. This is fortified by the fact that the revenue also did not possess the old records. Under these set of facts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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