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2011 (4) TMI 173 - HC - Income TaxDeduction u/s 54F - Sale of depreciable assets - Assessing Officer rejected the claim of the assessee under section 54F on the ground that the assessee had not produced any evidence showing investment in the Capital Gains Deposit Account Scheme under section 54F and that the flat sold by him was a depreciable asset. As per the provisions of section 50, the capital gain arising from transfer of depreciable asset shall be deemed to be the capital gain arising from transfer of short-term capital asset and, therefore, deduction under section 54F was not available. - Held that:- In view of the decisions of Gauhati High Court has taken an identical view in CIT v. Assam Petroleum Industries P. Ltd. [2003 -TMI - 11870 - GAUHATI High Court ] and Commissioner of Income-Tax Versus Ace Builders (P.) Ltd. (2005 -TMI - 9448 - BOMBAY High Court) the assessee is entitled for exemption u/s 54F.
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