LTCG Rate of 20% u/s 112 Applies on Depreciable Asset Gains: ITAT Mumbai

Tata Communications Limited Vs PCIT (ITAT Mumbai) Section 50 is Only for Computation: ITAT Mumbai Rules LTCG Rate of 20% u/s 112 Applies on Depreciable Asset Gains -PCIT’s 263 Order Quashed Deeming Fiction Limited: Tribunal Holds Section 50 Cannot Deny LTCG Rate Benefit Tata Communications Ltd. filed appeal against revisionary order u/s 263 passed by PCIT for AY 2018-19. The company had filed return declaring income of ₹9016.65 Cr. AO referred international transactions to TPO & completed assessment u/s 143(3) r.w.s. 144C(13) based on DRP directions. PCIT, on examination of records, ob...