Benefit of concessional tax rate on depreciable Assets cannot be denied if held for more than 3 Years

Property in question was admittedly a depreciable asset and therefore came within the ambit of section 50 of the Income Tax Act, 1961 when the sale proceeds exceeded the opening WDV of the building block. At the same we also note that the property in question was acquired by the assessee in March 1956 and therefore its character was long term in nature. Section 50 is the special provision for computation of capital gain in case of depreciable assets and the deeming provision of section 50 is only for the purpose of section 48 & 49 relatable to computation of taxable gain and not for other ...