Whether a depreciable long-term capital asset qualifies for lower tax rate under Section 112 framed as substantial question

HC admitted the appeal, framing the substantial question of law whether a depreciable asset, though a long-term capital asset, is entitled to the lower tax rate under Section 112. Registry was directed to furnish the order to the Tribunal so the Tribunal can retain relevant papers and proceedings for production when required. Service was waived by the respondent's counsel.

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Appeal pertains to Assessment Year 2008-2009. Appeal admitted on the following substantial question of law: "Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in holding that a depreciable asset (despite being a long term capital asset) is not to be given the benefit of lower rate of tax under Section 112 of the Income Tax Act?" Registry directed to communicate a copy of this order to the Tribunal so that "papers and proceedings relating to the present appeal" are kept available for production when sought by the Court. Service was waived by the respondent's counsel.

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