https://www.taxtmi.com/caselaws?id=779900 ITAT MUMBAI - AT held that gains on sale of depreciable assets, though treated as short-term under s.50 for computation, retain their character as long-term for other purposes; therefore the tax rate under s.112 (20% plus applicable surcharge) applies. The Tribunal found the PCIT's revision u/s.263 to be invalid, as the AO had correctly applied judicial precedent in allowing the assessee's claim on tax rate. The s.263 order was quashed and the original assessment restored; appeal by the assessee allowed. en-us Thu, 25 Sep 2025 00:00:00 +0530 Wed, 15 Oct 2025 08:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779900 ITAT MUMBAI - AT held that gains on sale of depreciable assets, though treated as short-term under s.50 for computation, retain their character as long-term for other purposes; therefore the tax rate under s.112 (20% plus applicable surcharge) applies. The Tribunal found the PCIT's revision u/s.263 to be invalid, as the AO had correctly applied judicial precedent in allowing the assessee's claim on tax rate. The s.263 order was quashed and the original assessment restored; appeal by the assessee allowed. Case-Laws Income Tax Thu, 25 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779900