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Rate applicable to LTCG cannot be applied for gain on depreciable asset
Case Law Details
- Case Name
- Asst. Commissioner of Income Vs M/s. SKF Bearings India Ltd. (ITAT Mumbai) ITA No. 616/Mum./2006
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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Concessional rate of 20% applicable to long term capital gains cannot be applied for gain on depreciable asset held for more than 36 months
ACIT Vs. SKF Bearings India Ltd. (ITAT Mumbai) – Sections 54EC and 74 refer to capital gain arising from the transfer of a long term capital asset and not with respect to a short term capital asset. Further, section 112(1 )(b)(i) and (ii) specifically refers to only long term capital gains. Hence, where section 50 by a legal fiction, deems the income earned from a depreciable asset as short term capital gain, applying the tax rate specified for lo...
