Depreciable immovable property : Where building was held for more than 36 months by assessee before sale, thus, there was a transfer of long-term capital asset, assessee could claim exemption under section 54F on long term capital gain as asset remained a long-term capital asset despite deeming fiction of section 50, however, s assessee had claimed depreciation on this property, provision of section 41(2) applies, therefore, profit on sale of this property was required to be computed under provisions of sections 41(2) and 50 – Sonia Pathak Khanna v. Income-tax Officer – [2024] 164 taxmann.com 607 (Mumbai – Trib.)
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