https://www.taxtmi.com/caselaws?id=272099 HC held for the respondent-assessee that capital gains on sale of depreciable assets retain their long-term character for set-off under Section 74 despite the deeming fiction in Section 50. Section 50 affects only computation under Sections 48 and 49 and does not convert long-term gains into short-term gains for other purposes. Consequently the long-term capital loss brought forward could be set off against the gain arising from sale of the depreciable assets and the Revenue's appeal was dismissed. en-us Thu, 18 Feb 2016 00:00:00 +0530 Wed, 15 Oct 2025 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272099 HC held for the respondent-assessee that capital gains on sale of depreciable assets retain their long-term character for set-off under Section 74 despite the deeming fiction in Section 50. Section 50 affects only computation under Sections 48 and 49 and does not convert long-term gains into short-term gains for other purposes. Consequently the long-term capital loss brought forward could be set off against the gain arising from sale of the depreciable assets and the Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 18 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272099