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2014 (5) TMI 670 - HC - Income TaxAdmissibility of appeal - Monetary limit for filing appeal Held that:- Under Instruction No. 3/2011 dated 9th February, 2011 issued by the CBDT u/s 268A(1) of the Income Tax Act it has been mentioned that the appeal cannot be filed if the tax effect of the appeal is less than Rs.10 lakh - Revenue has not disputed the fact that the tax effect is less than Rs.10 lakhs thus, the appeal cannot be entertained Decided against Revenue. Sale of assets Benefit of capital gains u/s 54EC of the Act Held that:- The Tribunal was rightly of the view that the provisions of the computation of capital gains as Long term capital gain cannot be denied to the assessee in so far as it was nobodys case to foresee what was to be gained after the business assets have been used claiming deprecation alone makes the sale of assets which gain on the sale thereafter has to be as capital gains - Once the capital gains have been computed the consideration for their investment is to be in accordance with the provision of the Income Tax Act cannot be disregarded in so far as the provisions do not disallow claiming of deduction u/s 54 EC of the Act whether has to be first termed as long term capital assets and then the re-computation whether could be as short term capital gain for taxation purpose Relying upon DCIT vs Himalaya Machinery (P) Ltd [2012 (12) TMI 607 - GUJARAT HIGH COURT] and CBDT Circular No.469 dated 23rd September, 1986 - the claim of deduction u/s 54EC of the Act was rightly claimed by the assessee Decided against Revenue.
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