https://www.taxtmi.com/caselaws?id=257600 The Tribunal upheld the CIT(A)'s decision, ruling that the assets were not depreciable as no depreciation was claimed or allowed. Consequently, Sections 41(2) and 50(2) were deemed inapplicable, and the gain was treated as long term capital gain eligible for exemption under Section 54EC. The Tribunal also rejected the Revenue's appeal, finding no procedural error in the CIT(A)'s admission of additional evidence. The Revenue's appeal was dismissed. en-us Thu, 26 Feb 2015 00:00:00 +0530 Tue, 17 Mar 2015 06:57:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257600 The Tribunal upheld the CIT(A)'s decision, ruling that the assets were not depreciable as no depreciation was claimed or allowed. Consequently, Sections 41(2) and 50(2) were deemed inapplicable, and the gain was treated as long term capital gain eligible for exemption under Section 54EC. The Tribunal also rejected the Revenue's appeal, finding no procedural error in the CIT(A)'s admission of additional evidence. The Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 26 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257600