2013 (12) TMI 527

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....peal by the Revenue is directed against the order of the Ld. CIT(A)-7, Mumbai dt.21.10.2010 pertaining to A.Y. 2005-06. 2. The sole grievance of the Revenue is that the Ld. CIT(A) erred in directing the Assessing Officer to allow set off of brought forward Long Term Capital loss against Long Term capital gain arising from the sale of premises which was a depreciable asset. According to the Reve....

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.... current year and accordingly disallowed the same. 4. The assessee carried the matter before the Ld. CIT(A) and the issue finds place at ground No. 4 discussed at para-5.1 of the Appellate order. After considering the facts and submissions of the assessee, the Ld. CIT(A) was of the opinion that the issue is covered by the decision of the Hon'ble Bombay High Court in the case of CIT Vs ACE Build....

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....ied upon by the assessee. We find force in the contention of the assessee that the issue is covered by the decision of the Hon'ble Jurisdictional High Court and also by the decisions of the Tribunal as cited hereinabove. The Hon'ble Bombay High Court has held that the deeming fiction under section 50 is restricted to section 50 only and the said fiction is restricted only to the mode of computatio....