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TMI Blog2016 (2) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... is Appeal under Section 260-A of the Income Tax Act, 1961 ("Act") challenges the order dated 13th February, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The Assessment Year involved is A. Y. 2005-2006. 2. The Appellant urges the following questions of law, for our consideration:- (1) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .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 v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments and Finance Pvt Ltd v/s Income Tax Officer reported in 132 ITD 290. 5. Mr. Kotangale, learned counsel for the Revenue submits that in view of the clear mandate of Section 74 of the Act, no set off of the carry forward long term capital loss against the deemed short term capital gain under Section 50 of the Act is permissible. In the above view, it is submitted that the appeal does raise sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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