[aaykarbhavan] Receipts from sale of scrap generated after demolition of building is taxable as Cap gains and not residual income

Receipts from sale of scrap generated after demolition of building is taxable as Cap gains and not residual income

June 12, 2014[2014] 45 taxmann.com 371 (Punjab & Haryana)

IT-I : Proceeds of Malba (scrap), i.e., material left over after demolition of a structure, is taxable under head 'Capital gain', and not as 'Income from other sources'

IT-II : Where valuation of land by Tribunal for computing capital gain was based on material on record, no question of law arose from Tribunal's order

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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