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Case Law Details

Case Name : Asst. Commissioner of Income Vs M/s. SKF Bearings India Ltd. (ITAT Mumbai) ITA No. 616/Mum./2006
Related Assessment Year :
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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

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