TMI Blog2016 (2) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... only to the mode of computation of capital gains contained in Sections 48 and 49 of the Act. It does not change the character of the capital gain from that of being a long term capital gain into a short term capital gain for purpose other than Section 50 of the Act. Thus, the respondent - assessee was entitled to claim set off as the amount of ₹ 7.12 Crores arising out of sale of depreciable assets which are admittedly on sale of assets held for a period to which long term capital gain apply. Thus for purposes of Section 74 of the Act, the deemed short term capital gain continues to be long term capital gain. Moreover, it appears that the Revenue has accepted the decision the Tribunal in Komac Investments and Finance Pvt Ltd (supra), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the subject assessment year inter alia disclosed an amount of ₹ 7.12 Crores as deemed short term capital gain under Section 50 of the Act. This deemed short term capital gain arose on account of the sale of depreciable assets. This deemed short term capital gain was set off against brought forward long term capital losses and unabsorbed depreciation. The Assessing Officer by his order dated 8th October, 2009 passed under Section 143(3) of the Act held that in view of Section 74 of the Act, such set off on short term capital gain against the long term capital gain is not permitted. Thus, disallowed the set off of brought forward long term capital loss and unabsorbed depreciation against the deemed short term capital gain of ₹ 7.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a long term capital gain into a short term capital gain for purpose other than Section 50 of the Act. Thus, the respondent - assessee was entitled to claim set off as the amount of ₹ 7.12 Crores arising out of sale of depreciable assets which are admittedly on sale of assets held for a period to which long term capital gain apply. Thus for purposes of Section 74 of the Act, the deemed short term capital gain continues to be long term capital gain. Moreover, it appears that the Revenue has accepted the decision the Tribunal in Komac Investments and Finance Pvt Ltd (supra), as our attention has not been drawn to any appeal being filed from that order. 7. In view of the above, the questions of law as framed stand concluded against th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
