ITAT allows Exemption u/s 54EC on short term capital gain from sale of depreciable assets

Brief of the case: ITAT Mumbai held in ITO Vs Legal Heir of Shri Durgaprasad Agnihotri that to respect the decision given by jurisdictional Hon’ble High Court in CIT vs. Ace Builders (P.) Ltd. [2006] 281 ITR 210 (Bom) it was upholding the decision given by CIT(A) that the exemption u/s 54EC would be available on short term capital gain arising on sale of depreciable assets u/s 50. ITAT was of the view that as sec 50 overrides sec 2(42A) and 2(29A) which defines the short term capital asset and long term capital asset respectively and also sec 50 clearly defines the short term capital gain as...