ITAT allows Exemption u/s 54EC on short term capital gain from sale of depreciable assets

Brief of the case:

ITAT Mumbai held in ITO Vs Legal Heir of Shri Durgaprasad Agnihotri that to respect the decision given by jurisdictional Hon’ble High Court in CIT vs. Ace Builders (P.) Ltd. [2006] 281 ITR 210 (Bom) it was upholding the decision given by CIT(A) that the exemption u/s 54EC would be available on short term capital gain arising on sale of depreciable assets u/s 50.

ITAT was of the view that as sec 50 overrides sec 2(42A) and 2(29A) which defines the short term capital asset and

Please become a Premium member. If you are already a Premium member, login here to access the full content.