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2016 (2) TMI 804
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....ale a/w Ms. Padma Diwakar For the Respondent : None ORDER P. C. This Appeal under Section 260-A of the Income Tax Act, 1961 ("Act") challenges the order dated 13th February, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The Assessment Year involved is A. Y. 2005-2006. 2. The Appellant urges the following questions of law, for our consideration:- (1) Wheth....
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....espondent-assessee had for the subject assessment year inter alia disclosed an amount of Rs. 7.12 Crores as deemed short term capital gain under Section 50 of the Act. This deemed short term capital gain arose on account of the sale of depreciable assets. This deemed short term capital gain was set off against brought forward long term capital losses and unabsorbed depreciation. The Assessing Offi....
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.... case of ACE Builders (P) Ltd (supra) and by following its own order in the case of Komac Investments and Finance Pvt Ltd v/s Income Tax Officer reported in 132 ITD 290. 5. Mr. Kotangale, learned counsel for the Revenue submits that in view of the clear mandate of Section 74 of the Act, no set off of the carry forward long term capital loss against the deemed short term capital gain under Secti....
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....see was entitled to claim set off as the amount of Rs. 7.12 Crores arising out of sale of depreciable assets which are admittedly on sale of assets held for a period to which long term capital gain apply. Thus for purposes of Section 74 of the Act, the deemed short term capital gain continues to be long term capital gain. Moreover, it appears that the Revenue has accepted the decision the Tribunal....