Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 534 - AT - Income TaxAddition made by the Assessing Officer u/s 41(2) - computation of short term capital gain - CIT(A) deleted the addition - application of provisions of section 50 for the purpose of computation of capital gain and claim of deduction raised under section 54EC - Held that:- Though the assets were shown in the category of fixed assets, but no depreciation was claimed. Therefore, the provisions of section 41(2) and 50(2) of the Act cannot be invoked for the purpose of computation of short term capital gain. In that eventuality, the normal long term capital gain was accrued to the assessee and the assessee has claimed exemption under section 54EC of the Act by making investment in National Highway Bonds. Therefore, the assessee would be entitled for exemption under section 54EC of the Act. CIT(A) has appreciated the legal provisions in the light of various judicial pronouncements before concluding that the benefit of section 54EC of the Act are available to the assessee irrespective of the fact that computation of capital gain is done either under section 48 or 49 or 50 of the Act. Since we do not find any infirmity in the order of the ld. CIT(A), we confirm the same. - Decided against revenue.
|