Home Highlights February 2013 Year 2013 This

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1. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

2. Land is not a depreciable asset and hence can not form part of block of assets u/s 50 - investment eligible for exemption u/s 54EC

3. Exemption u/s 54F - short term capital gain from sale of depreciable assets u/s 50 - sale of depreciable assets being factory shed is eligible for exemption u/s 54F of...

4. Slump sale - if the sale consideration of the undertaking as a whole has been fixed without specifying any specific value to any asset and its includes tangible as well...

5. Profit on Sale of depreciable assets may be computed as short term capital gain u/s 50, but eligible for exemption u/s 54F if it is a long term asset.

6. Non setting off carried forward business loss against the Capital Gain computed u/s 50 - sale of depreciable assets - legal fiction is to be deemed the capital gain as...

7. Section 54E does not make any distinction between depreciable asset and non-depreciable asset and, therefore, the exemption available to the depreciable asset u/s 54E...

8. Section 54E does not make any distinction between depreciable asset and non-depreciable asset and, therefore, the exemption available to the depreciable asset under...

9. Transfer of building - provisions of section 50 are not applicable as the same being a special provision for computation of capital gains in the case of depreciable assets - AT

10. Deduction u/s 54EC - LTCT or STCG - Investment of consideration against sale of depreciable assets - Section 50 cannot convert long term capital assets into short term...

11. Addition u/s 50C - Capital Gains - For the purposes of third proviso to S. 50C(1) of I.T.Act; the valuation of the property by DVO has no relevance; and what is material...

12. Whether long term loss can be set-off against capital gains u/s 50 from sale of depreciable assets - Held yes - HC

13. Exemption u/s 54EC - eligibility of capital gain from sale of depreciable assets being taxable as short term capital gain u/s 50 – overriding provision - benefit of...

14. Rate of tax - 20% or 30% - share of depreciable assets - In the present case, it is not the plea of the Revenue that the property from which the capital gains arose was...

15. Short Term Capital Gain u/s 50 - sale of property being part of block of assets - the other property never entered the block of depreciable asset as income from them was...