2017 (7) TMI 1355 - HC - Income Tax

Exemption u/s 54E - Whether Tribunal was right in law in holding that the assessee is entitled to deduction u/s 54E in respect of the capital gain arising on the transfer of a capital asset on which depreciation has been allowed and which is deemed as short-term capital gain u/s 50 - HELD THAT - Tribunal in 2014 (6) TMI 1043 - ITAT MUMBAI has relied upon the judgment of this court in case of CIT vs. ACE Builders Pvt. Ltd. 2005 (3) TMI 36 - BOMBAY HIGH COURT . The said judgment has been approved by the Apex Court in the case of CIT Panji vs. V.S.Dempo Company Ltd. 2016 (10) TMI 62 - SUPREME COURT . As the issue raised in the present appeal is already covered by the above referred judgment no substantial question of law arises.

Summary

The Bombay High Court dismissed the appeal as the issue raised was already covered by a previous judgment. The Tribunal relied on a judgment in the case of CIT vs. ACE Builders Pvt. Ltd., which was approved by the Supreme Court in the case of CIT, Panji vs. V.S.Dempo Company Ltd. No substantial question of law arose.