2013 (1) TMI 1033 - HC - Income Tax

Summary

The High Court of Bombay dismissed the appeal by the revenue regarding the allowance of set off against long term capital loss for a depreciable capital asset deemed as short term gain under section 50 of the Income Tax Act, 1961. The Tribunal's decision was upheld based on a previous court ruling in the case of ACE Builders Pvt. Ltd. (281 ITR 210). The appeal was dismissed with no costs.