High Court dismisses revenue's appeal on set-off for capital gains

The High Court of Bombay dismissed the revenue's appeal regarding the allowance of set off against long term capital loss for a depreciable capital asset deemed as short term gain under section 50 of the Income Tax Act, 1961. The Tribunal's decision was upheld based on a previous court ruling. The appeal was dismissed with no costs.

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The High Court of Bombay dismissed the appeal by the revenue regarding the allowance of set off against long term capital loss for a depreciable capital asset deemed as short term gain under section 50 of the Income Tax Act, 1961. The Tribunal's decision was upheld based on a previous court ruling in the case of ACE Builders Pvt. Ltd. (281 ITR 210). The appeal was dismissed with no costs.

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