Thursday, March 18, 2010

Decisions in favour of Rvenue

1.Is the capital gains on distribution of assets (among the partners, on dissolution of the firm) on which depreciation had been claimed, assessable u/s 45(4) or u/s 50(1)?
2.Does the sale of an asset on which depreciation had been claimed for 21 years, but not for the latest 2 years, give rise to short term capital gains?

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