https://www.taxtmi.com/highlights?id=100756 Section 50 is a special computational provision for gains on transfer of depreciable assets, and its deeming fiction cannot be extended beyond that limited purpose. Although the gain is treated as short-term for computation, the underlying asset does not lose its long-term character. For section 74 set-off, the relevant test is the actual nature of the asset transferred, so long-term capital losses could be adjusted against the gain computed under section 50. The appellate order allowing set-off of current-year and brought-forward long-term capital losses was upheld, and the Revenue's appeal was dismissed. en-us Sat, 13 Jun 2026 09:21:28 +0530 Sat, 13 Jun 2026 09:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=100756 Section 50 is a special computational provision for gains on transfer of depreciable assets, and its deeming fiction cannot be extended beyond that limited purpose. Although the gain is treated as short-term for computation, the underlying asset does not lose its long-term character. For section 74 set-off, the relevant test is the actual nature of the asset transferred, so long-term capital losses could be adjusted against the gain computed under section 50. The appellate order allowing set-off of current-year and brought-forward long-term capital losses was upheld, and the Revenue's appeal was dismissed. Highlights Income Tax Sat, 13 Jun 2026 09:21:28 +0530 https://www.taxtmi.com/highlights?id=100756