2013 (6) TMI 923

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....ody and Ms. Aasifa Khan. ORDER PC This appeal has been filed by the revenue under Section 260A of the Income Tax Act ("the Act") challenging the order dated 26 October 2006 of the Income Tax Appellate Tribunal, Mumbai ("the Tribunal") in respect of the assessment year 1993-­94. 2) The appellant revenue has proposed the following question of law for the consideration of this Court. ....

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....Assessing officer sought to assess the amount of Rs.17,34,86,772/­ to short term capital gain under the provisions of Section 50 of the Act. 4) In appeal the CIT(A) dismissed the respondent assessee's appeal and upheld the order of the Assessing Officer. 5) On further appeal, the Tribunal by the impugned order allowed the respondent­assessee's appeal by following the decision....

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.... 1993­94 there was no conversion of the partnership firm into limited company . The conversion of the firm into a limited company took place in a year subsequent to assessment year 1993­94. Hence, the distinction sought to be made on behalf of the revenue for non application of Hind Construction (supra) cannot be accepted. 8) Even otherwise the learned Counsel for the respondent assesse....