https://www.taxtmi.com/caselaws?id=11870 The HC affirmed the Tribunal and CIT(A), holding that an assessee who claimed and had allowed depreciation on capital assets remains entitled to exemption under section 54E of the Income-tax Act for capital gains on transfer of depreciated assets. The court ruled that prior allowance or set-off of unabsorbed depreciation does not preclude claiming the relief under section 54E or the related deduction under section 50, and directed that the exemption/deduction be allowed accordingly. en-us Tue, 24 Jun 2003 00:00:00 +0530 Wed, 15 Oct 2025 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11870 The HC affirmed the Tribunal and CIT(A), holding that an assessee who claimed and had allowed depreciation on capital assets remains entitled to exemption under section 54E of the Income-tax Act for capital gains on transfer of depreciated assets. The court ruled that prior allowance or set-off of unabsorbed depreciation does not preclude claiming the relief under section 54E or the related deduction under section 50, and directed that the exemption/deduction be allowed accordingly. Case-Laws Income Tax Tue, 24 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11870