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COMMISSIONER OF INCOME TAX-IV Versus M/s. IK. INTERNATIONAL PVT. LTD. - 2012 (4) TMI 347 - DELHI HIGH COURT - Income Tax
Claim of exemption under Section 54EC - ITAT hold that AO was not justified in invoking Section 50(2) - assessee computed LTCG on the sale of land and having invested the gains in REC Bonds claimed gains as exempt under Section 54 EC of the Act Held that - A combined reading of Section 2(11), Section 32(1) and Section 50(2) of the Act shows no depreciation is allowable in respect of land as it is not specifically mentioned as an asset eligible for depreciation - if land is not a depreciable asse.......