Deeming fiction of section 50 cannot change long term assets to short term capital assets

DCIT Vs Reliance Power Limited (ITAT Mumbai) ITAT Mumbai held that section 50 does not convert a long-term capital asset to a short-term capital asset, then the rate of tax is applicable for the transfer of a long-term capital asset has to be in accordance with section 112. The deeming fiction of section 50 cannot be imported under section 112. Facts- The assessee is engaged in the business of generation of power, power project under development which includes coal, gas, hydro and solar based energy projects. The case of the assessee was selected for scrutiny. AO invoked the provisions of Rul...