The Commissioner Of Income Tax-3 v. Nikhil Pradip Bhatia

ASN IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1615 OF 2011 The Commissioner of Income Tax-3. ..Appellant. v. Nikhil Pradip Bhatia...Respondent. Mr. Vimal Gupta, Sr. Advocate i/by Padma Divakar for the Appellant. Mr. Vipul Joshi i/by Sameer G. Dalal for the Respondent. CORAM : J.P. DEVADHAR AND M.S. SANKLECHA, JJ. DATE : 29TH JANUARY, 2013 PC: In this appeal by the revenue following question of law has been proposed for our consideration. Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in upholding the decision of the CIT(A) in allowing the deduction u/s. 54EC of the Act from the short term capital gain shown by the assessee on sale of depreciable business assets? ASN 2/2 2)Since the Tribunal in the impugned order has granted relief to the respondent assessee by following the decision of this Court in the matter of CIT V. Ace Builders Pvt. Ltd. reported in 281 ITR 210, we see no reason to entertain the proposed question of law. 3) Accordingly, the appeal is dismissed with no order as to costs. (M.S.SANKLECHA, J.) (J.P. DEVADHAR, J.)