Exemption U/s 54F allowable on capital gain on sale of depreciable assets

Shri Shrawankumar G. Jain Vs ITO (ITAT Ahmedabad) Conclusion: Assessee was entitled to claim exemption under section 54F on gain earned on the sale of factory shed as factory shed inherently being long-term capital asset as per the provision of Section 2(42A) even if sale of factory shed was subject to short-term capital gain on the basis of deeming provision as specified under section 50. Held: Assessee had sold its factory shed and shown income earned thereon as short term capital gain u/s 50. AO denied assessee’s  claim of exemption under section 54F as exemption  was available if i...