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TMI Blog2013 (12) TMI 333X X X X Extracts X X X X X X X X Extracts X X X X ..... t year 2005-06, following re-framed question of law has been proposed for our consideration. "Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in holding that the assessee is entitled to set-off under Section 74 in respect of capital gain arising on transfer of capital assets on which deprec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gain is in the nature of short-term capital gain. The Commissioner of Income Tax (A) upheld the order of the assessing officer. 3. On further appeal, the Tribunal by the impugned order has allowed the claim of the respondent - assessee to set-off its long term losses in terms of Section 74 of the Act against the long term capital gains on sale of transformers and meters. This was by following the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT v. Hathway Investments (P.) Ltd, being Income Tax Appeal (L) No.405 of 2012. This Court by its order dated 31st January 2013 refused to entertain the appeal filed by the Revenue. The Revenue has not been able to point out any distinguishing features in the present case warranting a departure from the principles laid down by this Court in the matter of Ace Builders (P.) Ltd. (supra) and in our ..... X X X X Extracts X X X X X X X X Extracts X X X X
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