Rate applicable to LTCG cannot be applied for gain on depreciable asset

Concessional rate of 20% applicable to long term capital gains cannot be applied for gain on depreciable asset held for more than 36 months ACIT Vs. SKF Bearings India Ltd. (ITAT Mumbai) –  Sections 54EC and 74 refer to capital gain arising from the transfer of a long term capital asset and not with respect to a short term capital asset. Further, section 112(1 )(b)(i) and (ii) specifically refers to only long term capital gains. Hence, where section 50 by a legal fiction, deems the income earned from a depreciable asset as short term capital gain, applying the tax rate specified for lo...