2016 (10) TMI 62

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.... Prasad, aDv. Ms. Gargi Khanna, Adv. Ms. Anil Katyari, Adv. For the Respondent : Mr. Dhruv Mehta, Sr. Adv. Ms. Akanksha Kaushik, Adv. Ms. Anupama Dhurve, Adv. Mr. Abhishek Puri, Adv. Vasvi Jain, Adv. Ms. Shobha,Adv. ORDER In the return filed by the respondent/assessee for the Assessment Year 1989-90 the assessee had disclosed that it had sold its loading platform M.V. Priyadarshni for a s....

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....e Tax (Appeals), the Income Tax Appellate Tribunal allowed the appeal of the assessee herein holding that the assessee shall be entitled for exemption under Section 54E of the Act. The High Court has confirmed the view of the Commissioner of Income Tax (Appeals) and dismissed the appeal of the Revenue. While doing so the High Court has relied upon its own judgment in the case of "The Commissioner ....

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....alysed in the judgment of the Bombay High Court in the case of "The Commissioner of Income-tax, Mumbai City-II, Mumbai vs. ACE Builders Pvt. Ltd." (2005) 3 Bom CR 598 in the following manner: "In our opinion, the assessee cannot be denied exemption under Section 54E, because, firstly, there is nothing in Section 50 to suggest that the fiction created in Section 50 is not only restricted t....

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....use he was deemed to be appointed in the bank with effect from 26.10.1965 for the purpose of seniority, pay and pension on account of his past service in the army as Short Service Commissioned Officer. In that context, the Apex Court has held that the legal fiction created for the limited purpose of seniority, pay and pension cannot be extended for other purposes. Applying the ratio of the said ju....