https://www.taxtmi.com/caselaws?id=219592 HC held that an assessee cannot be denied exemption under section 54E merely because capital gains on a depreciable asset were computed as short-term under section 50. Section 50's fiction is confined to mode of computation under sections 48 and 49 and does not restrict exemption provisions; a legislative fiction must be confined to its purpose. Consequently, where gains computed under section 50 are reinvested as prescribed by section 54E, the exemption applies and the assessment in favor of the assessee was upheld. en-us Tue, 27 Nov 2012 00:00:00 +0530 Wed, 15 Oct 2025 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219592 HC held that an assessee cannot be denied exemption under section 54E merely because capital gains on a depreciable asset were computed as short-term under section 50. Section 50's fiction is confined to mode of computation under sections 48 and 49 and does not restrict exemption provisions; a legislative fiction must be confined to its purpose. Consequently, where gains computed under section 50 are reinvested as prescribed by section 54E, the exemption applies and the assessment in favor of the assessee was upheld. Case-Laws Income Tax Tue, 27 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219592