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Commissioner of Income Tax-5 Versus M/s. India Securities Ltd.

2015 (3) TMI 710 - BOMBAY HIGH COURT

Depreciation on non performing assets disallowed - Tribunal upholding the order of the CIT(A) in deleting the disallowance of depreciation - Held that:- The impugned ITAT's order has followed its own decision in the respondent-assessee's case for the Assessment Year 2001-02, 2002-03, 2003-04, 2004-05 and 2006-07. In all these years the Tribunal has allowed the depreciation in respect of nonperforming assets i.e. not linked to the recognizing of lease income in respect of the leased asset .....

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ment - revenue contends that in terms of Section 50 of the Act the profit on sale of depreciable assets shall be deemed to be short term capital gains - Held that:- The impugned order followed its decision in Manali Investment Vs. ACIT reported in [2011 (4) TMI 116 - ITAT MUMBAI ] on an identical issue following the decision of this Court in CIT Vs. Ace Builders (P) Ltd. reported [2005 (3) TMI 36 - BOMBAY High Court] wherein allowing the benefit of exemption under section 54E to the assessee in .....

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674 of 2013 - Dated:- 9-3-2015 - M. S. Sanklecha And G. S. Kulkarni,JJ. For the Appellant : Mr S V Bharucha, Adv. For the Respondent : None ORDER P.C. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 10 October 2012 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The impugned order relates to the Assessment Year 2005-06. 2. The appellant-revenue has raised following questions of law for our consideratio .....

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st long term capital gain which arose to the assessee on indexation method and also allowing brought forward long term capital gain against the said profit on sale of depreciable assets by ignoring the provision of section of 70(3) read with section 50 of the IT Act which clearly states that profits are short term capital gain and also if loss is due to indexation method than such loss can be set off against the income if any as arrived at under similar computation made?" Question (a): 3. S .....

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