TMI Blog1984 (2) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... on partition from an HUF. In 1965 he constructed some sheds thereon and the sheds along with the lands were sold for a total consideration of Rs. 1,51,997. The total cost of land plus cost of construction worked out to Rs. 71,564. The ITO determined the capital gains at Rs. 44,333. and taxed the same as short term capital gain (STCG), on the footing that the entire property along with the sheds w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with sheds and for which the long term capital gains were determined at Rs. 15,000 and short term capital gains at Rs. 2,817. On parity of reasoning it was claimed that the allocation of capital gains LTCG and STCG should be 15 : 3 or 5 : 1. In other words according to Shri Shah LTCG should be five times to the STCG. The ld. Departmental Representative supported the order of the CIT(A). 4. We h ..... X X X X Extracts X X X X X X X X Extracts X X X X
|