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TMI Blog2020 (5) TMI 256X X X X Extracts X X X X X X X X Extracts X X X X ..... gain - 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 - See case of CIT vs. ACE Builders Pvt. Ltd. [ 2005 (3) TMI 36 - BOMBAY HIGH COURT] as approved by the Apex Court in the case of CIT, Panji vs. V.S.Dempo Company Ltd. [ 2016 (10) TMI 62 - SUPREME COURT] . As the issue raised in the present appeal is already covered in the favour of assessee. - ITA No.1722/PUN/2017 - - - Dated:- 12-3-2020 - Shri D. Karunakara Rao, AM And Shri Partha Sarathi Chaudhury, JM For the Assessee : Shri Farrokh V. Irani For the Revenue : Shri S.P. Walimbe ORDER PER D. KARUNAKARA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tent predecessor entity i.e. KineticGlue Online Communities Private Limited. 3. Ground No.3 Levy of interest under section 234B and 234C Erred on the facts and in circumstances of the case and in law in levying interest under section 234B and section 234C of the Act. 5. At the outset, ld. Counsel submitted that the ground 2 is not pressed. Accordingly, the same is dismissed as not pressed. Referring to ground 3, ld. Counsel mentioned that so far as issue relating to the levy of interest u/s 234B of the Act is concerned, he mentioned that the mistake stands now rectified by the Assessing Officer. Therefore, no grievance is before the Tribunal. Accordingly, relevant part of the ground is dismissed. Referring to other part of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioning that the said decision is approved by the Hon ble jurisdictional High Court, ld. Counsel brought our attention to page 12 of Paper Book and demonstrated that the way the Revenue‟s appeal was dismissed by the Hon ble High Court in Income Tax Appeal No.165 of 2015 in the case of M/s. Velvet Holdings Pvt. Ltd. vide order dated 10.07.2017. The relevant para 1 of the said judgment of Hon ble High Court is extracted as under:- 1. Heard the learned counsel for the appellant and the learned counsel for the respondent. It is fairly conceded that the Tribunal has relied upon the judgment of this court in case of CIT vs. ACE Builders Pvt. Ltd. reported in [2006] 281 ITR 210. The said judgment has been approved by the Apex Court in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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