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Dheerumal Sharma, Mandi vs Ito, Sundernagar on 23 July, 2018 cites

Dy. Cit vs Shanti Bhawan Lodge on 25 October, 2002

We are not in agreement with the contentions of the assessee that the issue in the present case is squarely covered by the decision of the Hon'ble Madras High Court in the case of Coimbatore Lodge (supra). In the facts of the case before the Hon'ble High court the assessee was running a lodge and had sold the land alongwith the superstructure i.e the building. The question of law before the Hon'ble High Court was whether though land and building being one composite asset and the assessee having claimed depreciation thereon , the profits earned on transfer of the same were to be bifurcated between land and building treating the first as long term capital gain and the other as short term capital gain.
Rajasthan High Court - Jaipur Cites 12 - Cited by 17 - Full Document

Acit, Bulandshahr vs M/S Rama Dairy Products Ltd, ... on 25 January, 2017

The Hon'ble High Court held the capital gain to be long term applying the ratio laid down in the decision of the Madras High court in the case of ACIT vs Raka Food Products 277 ITR 261 ,wherein it was held that where the transfer is of the entire undertaking as a whole and land forms part of the assets of the undertaking it is not possible to bifurcate the sale consideration in a particular asset and section 50 there cannot be said to apply since it deals with depreciable assets. In substance the Hon'ble High Court held that since the assessee had transferred an undertaking and the consolidated receipt could not be bifurcated between the land and building and therefore the asset transferred was not a depreciable asset and the capital gain earned thereon therefore could not be treated as STCG.
Income Tax Appellate Tribunal - Delhi Cites 10 - Cited by 4 - Full Document
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