https://www.taxtmi.com/caselaws?id=369134 The Tribunal ruled in favor of the assessee, determining that the gain from the sale of the factory shed should be treated as long-term capital gain despite being classified as short-term capital gain under Section 50. The Tribunal held that the factory shed qualified as a long-term capital asset under Section 2(42A) and granted the assessee exemption under Section 54F for investing the gains in a residential house, emphasizing the asset's nature over the computation method. Additionally, the Tribunal accepted the assessee's compliance with the deposit requirement under Section 139(4) for constructing a residential house, allowing the exemption under Section 54F. en-us Wed, 03 Oct 2018 00:00:00 +0530 Sat, 20 Oct 2018 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369134 The Tribunal ruled in favor of the assessee, determining that the gain from the sale of the factory shed should be treated as long-term capital gain despite being classified as short-term capital gain under Section 50. The Tribunal held that the factory shed qualified as a long-term capital asset under Section 2(42A) and granted the assessee exemption under Section 54F for investing the gains in a residential house, emphasizing the asset's nature over the computation method. Additionally, the Tribunal accepted the assessee's compliance with the deposit requirement under Section 139(4) for constructing a residential house, allowing the exemption under Section 54F. Case-Laws Income Tax Wed, 03 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369134