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Benefit u/s 54EC / 54E available even in case of depericiable asset
Case Law Details
- Case Name
- Cit Vs Ace Builders (P) Ltd. (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Cit Vs Ace Builders (P) Ltd. (Bombay High Court)
The assessee owned a long-term capital asset being a flat on which depreciation was claimed. The written down value of the said asset as on 31-3-1991 was Rs.1,42,515. In the F.Y. 1991-92, the assessee sold the said flat for a sum of Rs.5,20,000. The sale proceeds were invested in the unit ‘UTI Capital Gain Scheme’ with a view to claim deduction u/s.54E of the Income-tax Act, 1961 and accordingly, the assessee made the claim for deduction. The Assessing Officer rejected the claim on the ground that the capital gain is a short...
