2025 (1) TMI 1479

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..... block of depreciable assets and derived capital gain - HELD THAT:- Hon'ble Jurisdictional High Court has decided identical issue in favour of the assessee in case of PCIT vs. Alcon Developers [2021 (2) TMI 284 - BOMBAY HIGH COURT] this Court has accepted the position that it is not the requirement of section 72 of the said Act that such gain or profit must be taxable only under the head of "p .....

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..... Jurisdictional High Court [2017 (3) TMI 274 - BOMBAY HIGH COURT] Thus we direct the AO to allow assessee's claim of set off of carried forward business loss against the deemed short term capital gain computed u/s. 50 of the Act. Assessee appeal allowed.
Shri Saktijit Dey, V.P. And Shri Girish Agrawal, A.M. For the Assessee : Shri V.G. Ginde, Advocate And Shri Kumar Kale, Advocate For the Re .....

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..... the brought forward business loss against the short-term capital gain derived in terms of Section 50 of the Act. While processing the return of income, the Centralized Processing Centre (CPC) did not allow set off of brought forward business loss against the deemed short term capital gain. Thereafter, assessee filed an application u/s. 154 seeking rectification, which was rejected by the CPC. 4. .....

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..... mbay). The observations of the Hon'ble Court while deciding the issue are as under: "28. Thus, it is quite clear that the view taken by the ITAT in its impugned order dated 15-9-2016, is entirely consistent with the view taken by the coordinate bench of the ITAT in Digital Electronics Ltd. (supra). As was noted by this Court in Hickson & Dadajee (P.) Ltd. (supra), the Revenue, has accepted the d .....

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..... ourse, due to low tax effect. Identical issue has been decided in favour of the assessee by the Coordinate Bench in case of Digital Electronics Ltd. vs. Addl. Commissioner of Income Tax [2011] 16 taxmann.com 316 (Mumbai), and the decision has been upheld by the Hon'ble Jurisdictional High Court. Thus, respectfully following the ratio laid down in the judicial precedents noted above, we direct the .....

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