2015 (3) TMI 710

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....eal by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 10 October 2012 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The impugned order relates to the Assessment Year 2005-06. 2. The appellant-revenue has raised following questions of law for our consideration: "(a) Whether on the facts and in the circumstances....

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....ion method than such loss can be set off against the income if any as arrived at under similar computation made?" Question (a): 3. So far as the issue regarding depreciation on nonperforming assets is concerned, the impugned order has followed its own decision in the respondent-assessee's case for the Assessment Year 2001-02, 2002-03, 2003-04, 2004-05 and 2006-07. In all these years the ....

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....ciable assets shall be deemed to be short term capital gains. Therefore, it is submitted by the revenue that under Section 70(3) of the Act, the respondent-assessee is not entitled to set off its short term capital gains against its long term capital loss. 5. The impugned order followed its decision in Manali Investment Vs. ACIT reported in 211 139 TTJ (Mum) 411 on an identical issue. In Manali....