The Commissioner Of Income Tax – 4, Mumbai v. M/S.skf Bearings India Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.772 OF 2012 The Commissioner of Income Tax – 4, Mumbai..Appellant. Versus M/s.SKF Bearings India Limited..Respondent. Mr.Suresh Kumar i/by Ms.Padma Divakar for the appellant.Mr.Atul K Jasani with Mr.Sameer Chitnis i/by Chitnis & Co. for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 5[th] February 2013 P.C. : 1.In this appeal by the Revenue for assessment year 2001-2002, 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 right in law, in allowing exemption under Section 54EC, on gains earned transfer of Long Term Capital Assets, though they are depreciable assets, relying on the decision of M/s.Ace Builders P Limited 76 ITD 389 which is not accepted by the Revenue ? 2.Counsel for the parties states that the issue raised in the present appeal is covered in favour of the assessee and against the Revenue by the decision of this Court in the case of Ace Builders P Limited reported in 281 ITR 210 (Bom). Therefore, we see no reason to entertain the proposed question of law. 3.The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)