Short term capital gain on depreciable assets u/s. 50 will be taxed @20% as per section 112

Frank S. International ITL Limited Vs ACIT(IT) (ITAT Mumbai)

ITAT Mumbai held that the rate of tax on a short term capital gain on depreciable assets u/s. 50 has been held to be the rate of long term capital gain @ 20% as per Section 112 of the Income Tax Act. Accordingly, appeal of assessee allowed.

Facts- The assessee is an Indian branch of Frank International ITL Limited. The assessee’s case was selected for scrutiny and notices u/s. 143(2) and 142(1) were duly issued and served upon the assessee.

AO after duly considering the as

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