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2003 (6) TMI 23 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Tribunal was correct in upholding the order of the Commissioner of Income-tax (Appeals) in allowing exemption under section 54E of the Income-tax Act, 1961, on gains arising out of transfer of depreciated assets, when unabsorbed depreciation of earlier years was claimed and allowed to be set off?" - whether the assessee who has claimed and allowed depreciation on capital assets is entitled for benefits under the provisions of section 54E and claimed deduction while calculating his income or by virtue of section 50 - question is answered in favour of the assessee and it is held that the assessee is entitled for exemption or deduction as provided under section 54E of the Income-tax Act on capital gains.
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