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TMI Blog2011 (4) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Indust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ber 17, 1999 for Rs. 20 lakhs, stamp duty of Rs. 1,60,000 was paid on August 14, 2006, when the sale deed was executed and the said flat was used as an office on which, depreciation was claimed year to year. As on March 31, 2006, written down value was declared by the assessee at Rs. 10,62,882. The Assessing Officer further noticed that the assessee had declared the capital gain at Rs. 91,77,118 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stment 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. Accordingly, the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .) 8 (SC). 4. We have gone through the judgment of the Bombay High Court in the aforesaid two cases. Learned counsel for the respondent has also submitted that even the Gauhati High Court has taken an identical view in CIT v. Assam Petroleum Industries P. Ltd. [2003] 262 ITR 587 (Gauhati). 5. We do not find any reason to take a different view. In these circumstances, we are of the opinion ..... X X X X Extracts X X X X X X X X Extracts X X X X
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