Section 50 nowhere says that depreciated assets shall be treated as short-term assets

High Court of Gauhati Commissioner of Income Tax Vs. Assam Petroleum Industries (P.) Ltd. P.P. Naolekar, Cj. and Amitava Roy, J. IT Appeal No. 30 of 2001 June 24, 2003 Judgment P.P. Naolekar, CJ. – The appeal has been admitted on the following question of law : “Whether on the facts and in the circumstances of the case, the Tribunal was correct in upholding the order of the CIT(A) in allowing exemption under section 54E of the Income-tax Act, 1961 on gains arising out of transfer of depreciated assets, when unabsorbed depreciation of earlier years was claimed and al...