https://www.taxtmi.com/caselaws?id=9448 The HC upheld the Tribunal, holding the assessee entitled to exemption under section 54E for capital gains on a depreciable asset despite section 50 deeming the gain as short-term for computation. The court ruled the fiction in section 50 is confined to computation under sections 48/49 and does not negate entitlement to exemption under section 54E, nor does it convert the asset into a short-term asset. The Revenue's appeal was dismissed. en-us Mon, 07 Mar 2005 00:00:00 +0530 Thu, 09 Jul 2026 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9448 The HC upheld the Tribunal, holding the assessee entitled to exemption under section 54E for capital gains on a depreciable asset despite section 50 deeming the gain as short-term for computation. The court ruled the fiction in section 50 is confined to computation under sections 48/49 and does not negate entitlement to exemption under section 54E, nor does it convert the asset into a short-term asset. The Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 07 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9448