https://www.taxtmi.com/caselaws?id=212658 Land is not a depreciable asset and cannot be brought within Section 50 merely because it was sold with a building; depreciation had never been allowed on it, so the gain attributable to land could not be treated as short-term capital gain. The land, being held for more than 36 months, generated long-term capital gain under Section 45, and the assessee was therefore entitled to Section 54EC exemption on investment in eligible bonds. The Court held Section 50 inapplicable to the sale of land and allowed the assessee's claim on both issues. en-us Thu, 29 Mar 2012 00:00:00 +0530 Mon, 08 Jun 2026 12:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212658 Land is not a depreciable asset and cannot be brought within Section 50 merely because it was sold with a building; depreciation had never been allowed on it, so the gain attributable to land could not be treated as short-term capital gain. The land, being held for more than 36 months, generated long-term capital gain under Section 45, and the assessee was therefore entitled to Section 54EC exemption on investment in eligible bonds. The Court held Section 50 inapplicable to the sale of land and allowed the assessee's claim on both issues. Case-Laws Income Tax Thu, 29 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212658