https://www.taxtmi.com/caselaws?id=468539 Capital gains from transfer of depreciable assets, though deemed short-term under Section 50 of the Income-tax Act for computation purposes, were held not to lose their character for all purposes. The Court applied its earlier ruling that the Section 50 deeming fiction is confined to computation of capital gains and does not extend beyond that limited field. On that basis, it accepted that such deemed short-term capital gains could be set off against brought-forward long-term capital losses under Section 74. The Revenue's objection to the set-off was rejected, and the assessee's entitlement to the adjustment was upheld. en-us Mon, 13 Mar 2023 00:00:00 +0530 Tue, 12 May 2026 16:17:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468539 Capital gains from transfer of depreciable assets, though deemed short-term under Section 50 of the Income-tax Act for computation purposes, were held not to lose their character for all purposes. The Court applied its earlier ruling that the Section 50 deeming fiction is confined to computation of capital gains and does not extend beyond that limited field. On that basis, it accepted that such deemed short-term capital gains could be set off against brought-forward long-term capital losses under Section 74. The Revenue's objection to the set-off was rejected, and the assessee's entitlement to the adjustment was upheld. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468539