2013 (3) TMI 779

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..... peal by the Revenue for assessment year 2008-09, following questions of law have been proposed for our consideration. "Whether, on the facts and in the circumstances of the case and in law, the Tribunal was justified in ignoring the language used in Section 50 which deems the depreciable asset as a short term asset for the purposes of Section 50 and which begins with non-obtante clause " .....

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..... the respondent - assessee for exemption under Section 54EC of the Act by following the decision of this Court in the matter of CIT v. Ace Builders (P) Ltd. [2006] 281 ITR 210. Since the Tribunal has followed the decision of this Court and applied the principles laid down therein in respect of Section 54E of the Act to Section 54EC of the Act, we see no reason to entertain the proposed question of .....

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