Exemption U/s. 54F available on capital gain on sale of depreciable assets

ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset and therefore exemption under Section 54F of the Act is available for depreciable assets as Section 54F does not make any distinction between depreciable assets and non depreciable asset. FULL TEXT OF THE ITAT JUDGMENT This appeal filed by Revenue is directed against the order of the CIT(A)-33, Mumbai...