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LTCG Rate of 20% u/s 112 Applies on Depreciable Asset Gains: ITAT Mumbai
Case Law Details
- Case Name
- Tata Communications Limited Vs PCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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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 examinati...
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