https://www.taxtmi.com/caselaws?id=333042 The High Court upheld the appellant's claim for exemption under Section 54E of the Income Tax Act for the sale of a long-term capital asset, despite the Assessing Officer's rejection based on depreciation claimed. The Court clarified that Section 50's provisions for computing capital gains do not affect exemptions like 54E. Judgments from other High Courts supporting this interpretation were cited, and the Supreme Court affirmed the decision, emphasizing the distinction between computation and exemption provisions in the Income Tax Act. en-us Mon, 05 Sep 2016 00:00:00 +0530 Mon, 25 May 2026 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333042 The High Court upheld the appellant's claim for exemption under Section 54E of the Income Tax Act for the sale of a long-term capital asset, despite the Assessing Officer's rejection based on depreciation claimed. The Court clarified that Section 50's provisions for computing capital gains do not affect exemptions like 54E. Judgments from other High Courts supporting this interpretation were cited, and the Supreme Court affirmed the decision, emphasizing the distinction between computation and exemption provisions in the Income Tax Act. Case-Laws Income Tax Mon, 05 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333042