https://www.taxtmi.com/caselaws?id=287913 The ITAT Mumbai ruled in favor of the Assessee in a case concerning the tax rate applicability on capital gains from the sale of a business asset with claimed depreciation. The Tribunal held that for tax liability calculation, the asset should be considered a long-term asset if held for more than three years, even if depreciation was claimed on it as a short-term capital asset. The decision also addressed the treatment of assets held by a notified person under the Special Court Act, directing the Assessing Officer to compute the capital gain and apply the appropriate tax rate based on the asset's holding period, ultimately allowing the Assessee's appeal. en-us Thu, 26 Jun 2014 00:00:00 +0530 Sat, 09 May 2020 00:07:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287913 The ITAT Mumbai ruled in favor of the Assessee in a case concerning the tax rate applicability on capital gains from the sale of a business asset with claimed depreciation. The Tribunal held that for tax liability calculation, the asset should be considered a long-term asset if held for more than three years, even if depreciation was claimed on it as a short-term capital asset. The decision also addressed the treatment of assets held by a notified person under the Special Court Act, directing the Assessing Officer to compute the capital gain and apply the appropriate tax rate based on the asset's holding period, ultimately allowing the Assessee's appeal. Case-Laws Income Tax Thu, 26 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287913