9911796707
TMI Blog2013 (12) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the Ld. CIT(A)-7, Mumbai dt.21.10.2010 pertaining to A.Y. 2005-06. 2. The sole grievance of the Revenue is that the Ld. CIT(A) erred in directing the Assessing Officer to allow set off of brought forward Long Term Capital loss against Long Term capital gain arising from the sale of premises which was a depreciable asset. According to the Revenue since depreciation has been claimed on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame. 4. The assessee carried the matter before the Ld. CIT(A) and the issue finds place at ground No. 4 discussed at para-5.1 of the Appellate order. After considering the facts and submissions of the assessee, the Ld. CIT(A) was of the opinion that the issue is covered by the decision of the Hon'ble Bombay High Court in the case of CIT Vs ACE Builders (P) Ltd 281 ITR 210 and accordingly allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the assessee that the issue is covered by the decision of the Hon'ble Jurisdictional High Court and also by the decisions of the Tribunal as cited hereinabove. The Hon'ble Bombay High Court has held that the deeming fiction under section 50 is restricted to section 50 only and the said fiction is restricted only to the mode of computation of capital gains contained in Sections 48 and 49. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hold that u/s. 74(1)(b) the assessee is entitled to the claim of set off of long term capital loss against the income arising from the sale of office premises, the gain of which is short term due to the deeming provision but the asset is long term. The ground raised by the assessee is accordingly allowed." Respectfully following the aforesaid decisions, we do not find any reason to interfere wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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