https://www.taxtmi.com/caselaws?id=395223 Section 50 applies to depreciable assets, but the rate of tax on the resulting short-term capital gain was held not to be exigible at the higher rate adopted by the Assessing Officer. The asset had been held beyond the prescribed period, and the applicable capital gains regime, as supported by settled Supreme Court authority, governed the taxation of the gain. The higher rate was therefore unsustainable, and the issue was decided in favour of the assessee. en-us Thu, 12 Mar 2020 00:00:00 +0530 Tue, 09 Aug 2022 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395223 Section 50 applies to depreciable assets, but the rate of tax on the resulting short-term capital gain was held not to be exigible at the higher rate adopted by the Assessing Officer. The asset had been held beyond the prescribed period, and the applicable capital gains regime, as supported by settled Supreme Court authority, governed the taxation of the gain. The higher rate was therefore unsustainable, and the issue was decided in favour of the assessee. Case-Laws Income Tax Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395223