https://www.taxtmi.com/caselaws?id=276085 The Court dismissed the appeal filed by the revenue for the assessment year 2006-07 regarding the exemption under Section 54EC for short term capital gain on depreciable assets. The Court held that the exemption under Section 54EC is available only for long term capital gains and not for short term capital gains. Additionally, the Court found that Section 50, which deals with the computation of capital gains for depreciable assets, treats such gains as short term capital gains, thus excluding the availability of exemption under Section 54EC. The appeal was dismissed without costs based on the Court's interpretation of the relevant provisions. en-us Mon, 21 Jan 2013 00:00:00 +0530 Sat, 27 Oct 2018 13:56:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276085 The Court dismissed the appeal filed by the revenue for the assessment year 2006-07 regarding the exemption under Section 54EC for short term capital gain on depreciable assets. The Court held that the exemption under Section 54EC is available only for long term capital gains and not for short term capital gains. Additionally, the Court found that Section 50, which deals with the computation of capital gains for depreciable assets, treats such gains as short term capital gains, thus excluding the availability of exemption under Section 54EC. The appeal was dismissed without costs based on the Court's interpretation of the relevant provisions. Case-Laws Income Tax Mon, 21 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276085