This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 50 nowhere says that depreciated assets shall be treated as short-term assets
Case Law Details
- Case Name
- Commissioner of Income Tax Vs. Assam Petroleum Industries (P.) Ltd. (Guwahati High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Gauhati High Court
Advertisement
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...
