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2016 (3) TMI 23 - AT - Income TaxRevision u/s 263 - Rate of tax on LTCG - AO while making the assessment has computed the LTCG without indexation - whether CIT erred in not accepting the LTCG by exercising script-wise indexation and without indexation whichever is beneficial to the appeal? - Held that:- We have considered various citations submitted by AR of the assessee wherein the DCIT vs. Savla Motor Agencies (P.) Ltd. [2013 (7) TMI 650 - ITAT MUMBAI] co-ordinate bench of this Tribunal has held that LTCG should be worked out transaction wise and tax should be charged at 10% or 20% (without indexation or with indexation) respectively whichever is beneficial to the assessee after considering the judgment of Mohanlal N. Shah [2008 (9) TMI 614 - ITAT MUMBAI ] which has also relied upon by the assessee. Hence, we do not find any illegality or infirmity order passed by AO which was considered as erroneous or prejudicial to the interest of Revenue by CIT. - Decided in favour of assessee Disallowance of depreciation - Held that:- CIT ignored the relevant point in the computation before coming to the premature calculation that the order of AO iserroneous, thus this ground is allowed in favour of assessee - Decided in favour of assessee Disallowance on account of amalgamation/demerger claimed u/s 35DD - Held that:- These addition were made by CIT either on the basis of mere estimation or by disallowing 50% of the disallowance claimed which is based on conjecture and surmises and the same are not sustainable in the eyes of law and are liable to the deleted, resultantly we do not find that order of AO was erroneous or prejudicial to the interest of revenue. - Decided in favour of assessee Treating STCG as a business income by CIT(A) - Held that:- copies of assessment order in respect of all AYs had been placed on record and we have noticed that the assessee was consistently allowed STCG in all three consecutive assessments years, hence, keeping in view the principle of consistency the assessee is entitled for similar relief in the year under consideration, hence this ground of appeal is also allowed in favour of the assessee. Resultantly we do not find that order of AO was erroneous or prejudicial to the interest of Revenue.- Decided in favour of assessee
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