2008 (9) TMI 593 - HC - Income Tax

Capital gain - 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 of the Income-tax Act, 1961 - Held that the issue is squarely covered against the revenue and in favour of the assessee by judgment of this Court in Commissioner of Income Tax Vs. Ace Builders P.Ltd. 2005 -TMI - 9448 - BOMBAY High Court - Decided in favour of assessee.

Summary

The Bombay High Court, with judges Dr. S. Radhakrishnan and S.J. Kathawalla, heard an appeal where the question of law was decided in favor of the assessee based on a previous judgment. The appeal was dismissed. (Citation: 2008 (9) TMI 593 - BOMBAY HIGH COURT)