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2017 (7) TMI 1355 - HC - Income TaxExemption u/s 54E - Whether Tribunal was right in law in holding that the assessee is entitled to deduction u/s 54E in respect of the capital gain arising on the transfer of a capital asset on which depreciation has been allowed and which is deemed as short-term capital gain u/s 50 - HELD THAT:- Tribunal in [2014 (6) TMI 1043 - ITAT MUMBAI] has relied upon the judgment of this court in case of CIT vs. ACE Builders Pvt. Ltd. [2005 (3) TMI 36 - BOMBAY HIGH COURT]. The said judgment has been approved by the Apex Court in the case of CIT, Panji vs. V.S.Dempo Company Ltd. [2016 (10) TMI 62 - SUPREME COURT]. As the issue raised in the present appeal is already covered by the above referred judgment, no substantial question of law arises.
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