https://www.taxtmi.com/caselaws?id=368962 The ITAT Mumbai ruled in favor of the assessee, allowing deduction under Section 54F of the Income Tax Act on capital gains from the transfer of depreciable assets. The ITAT clarified that such gains should be considered long term capital gains for exemption purposes, rejecting the Revenue's argument of double deduction and referencing relevant case law to support their decision. The appeal filed by the Revenue was dismissed, upholding the order of the CIT(A) in favor of the assessee. en-us Fri, 12 Oct 2018 00:00:00 +0530 Tue, 16 Oct 2018 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368962 The ITAT Mumbai ruled in favor of the assessee, allowing deduction under Section 54F of the Income Tax Act on capital gains from the transfer of depreciable assets. The ITAT clarified that such gains should be considered long term capital gains for exemption purposes, rejecting the Revenue's argument of double deduction and referencing relevant case law to support their decision. The appeal filed by the Revenue was dismissed, upholding the order of the CIT(A) in favor of the assessee. Case-Laws Income Tax Fri, 12 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368962