section 54EE

Yes.

The Kolkata bench of ITAT recently announced that the depreciable assets which had been held for more than 36 months prior to its sale, does not lose its character of being a long term capital asset, even though it might get taxed as short term capital gain in terms of deeming fiction provided u/s 50 of the Act.

Read more at: https://www.taxscan.in/depreciable-assets-more-than-36-months-lose-character-being-long-term-capital-asset-itat/16867/