https://www.taxtmi.com/caselaws?id=419175 The Tribunal dismissed the Revenue's appeal and upheld the decision to apply the long-term capital gains tax rate of 20% on the sale of depreciable assets held for more than three years. It emphasized that the deeming fiction of Section 50 is limited to the computation method and does not affect the classification of gains for tax rate purposes. The decision was in line with previous judicial rulings and aimed at maintaining consistency in the application of tax laws related to capital gains from depreciable assets. en-us Mon, 21 Feb 2022 00:00:00 +0530 Fri, 04 Mar 2022 08:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419175 The Tribunal dismissed the Revenue's appeal and upheld the decision to apply the long-term capital gains tax rate of 20% on the sale of depreciable assets held for more than three years. It emphasized that the deeming fiction of Section 50 is limited to the computation method and does not affect the classification of gains for tax rate purposes. The decision was in line with previous judicial rulings and aimed at maintaining consistency in the application of tax laws related to capital gains from depreciable assets. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419175