TMI Blog2013 (12) TMI 333X X X X Extracts X X X X X X X X Extracts X X X X ..... ereof and be deemed to be short-term capital gains. However, this deeming fiction is restricted only for the purposes of Section 50 of the Act and the benefit under other sections of the Act will be available to the gains computed under this section - Decided against Revenue. - ITA NO.1658 OF 2012 - - - Dated:- 13-3-2013 - J.P. DEVADHAR AND M.S. SANKLECHA, JJ. For the Appellant : Abhay Ahuj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 54E ?" 2. The respondent - assessee had during the subject assessment year sold its meters and transformers on which it had claimed depreciation. On sale, the respondent - assessee claimed long term capital gains and sought to set-off the same against its carried forward long term capital loss in terms of Section 74 of the Income Tax Act, 1961 ('Act' for short). The assessing officer disall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ricted only for the purposes of Section 50 of the Act and the benefit under Section 54E of the Act which is available only to long term capital gains was extended. In this case, the Tribunal held that the position is similar and the benefit of set-off against long term capital loss under Section 74 of the Act is to be allowed. Further, an identical issue with regard to set off against long term ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
