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COMMISSIONER OF INCOME TAX-IV Versus M/s. IK. INTERNATIONAL PVT. LTD. - 2012 (4) TMI 347 - DELHI HIGH COURT
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 ....... - .......