Tribunal held that the period of holding of factory shed was exceeding more than 36 months, therefore, even if sale of factory shed is subject to short-term capital gain on basis of deeming provision as specified under S. 50, inherently factory shed being long-term capital asset , exemption is available. ( AY.2011-12)
Shrawankumar G. Jain. v. ITO (2018) 173 ITD 417 (Ahd.)(Trib.)
S. 54F : Capital gains-Investment in a residential house -Depreciable asset-Exemption is available even on short-term capital gains calculated on sale of depreciable assets held for more than 36 months. [ S. 2, 42(A), 45, 50]