https://www.taxtmi.com/caselaws?id=59392 The Tribunal allowed the appeals, condoning the 214-day delay in filing, and granted the exemption under section 54EC of the Income Tax Act, 1961. It determined that section 50 did not apply as the building was not part of a block of assets with claimed depreciation, classifying it as a long-term capital asset. Consequently, the assessee was eligible for the exemption. Additionally, the Tribunal set aside the CIT(A)'s order denying rectification under section 154, finding merit in the assessee's argument. en-us Fri, 20 Feb 2009 00:00:00 +0530 Fri, 27 Oct 2023 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59392 The Tribunal allowed the appeals, condoning the 214-day delay in filing, and granted the exemption under section 54EC of the Income Tax Act, 1961. It determined that section 50 did not apply as the building was not part of a block of assets with claimed depreciation, classifying it as a long-term capital asset. Consequently, the assessee was eligible for the exemption. Additionally, the Tribunal set aside the CIT(A)'s order denying rectification under section 154, finding merit in the assessee's argument. Case-Laws Income Tax Fri, 20 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59392