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2013 (12) TMI 527 - AT - Income TaxSet off of capital loss from assets on which depreciation was claimed – Long term capital loss against long term capital gain – Held that:- Following CIT Vs ACE Builders [2005 (3) TMI 36 - BOMBAY High Court] - the deeming fiction under section 50 is restricted to section 50 only and the said fiction is restricted only to the mode of computation of capital gains contained in Sections 48 and 49 – Following Komac Investments & Finance Pvt. Ltd Vs ITO [2011 (4) TMI 705 - ITAT MUMBAI] - Although the gain is short term capital gain due to the fiction created by provisions of S. 50(2), the asset remains as "long term capital asset - The brought forward long term capital loss can be set off against the capital gain on account of transfer of the depreciable asset which has been held by the assessee for more than 36 months thereby making the asset a long term capital asset – Decided against Revenue.
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