https://www.taxtmi.com/caselaws?id=759878 Section 50's deeming fiction for depreciable assets was treated as confined to the computation of capital gains under sections 48 and 49, and not as extending to alter the character of the asset or the gain for rate purposes. One opinion held that where the underlying asset was held long term, the concessional rate under section 112 remained available because the fiction did not convert the gain into short-term capital gain for all purposes. The contrary opinion held that section 112 applies only to genuine long-term capital gain and that section 50 gain is short-term for tax-rate purposes. The Special Bench recorded divergent views and the matter was not finally decided. en-us Thu, 03 Oct 2024 00:00:00 +0530 Tue, 14 Oct 2025 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759878 Section 50's deeming fiction for depreciable assets was treated as confined to the computation of capital gains under sections 48 and 49, and not as extending to alter the character of the asset or the gain for rate purposes. One opinion held that where the underlying asset was held long term, the concessional rate under section 112 remained available because the fiction did not convert the gain into short-term capital gain for all purposes. The contrary opinion held that section 112 applies only to genuine long-term capital gain and that section 50 gain is short-term for tax-rate purposes. The Special Bench recorded divergent views and the matter was not finally decided. Case-Laws Income Tax Thu, 03 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759878