The Commissioner Of Income Tax-9 v. Hathway Investments Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO. 405 OF 2012 The Commissioner of Income Tax-9versus ..Appellant Hathway Investments Pvt. Ltd...Respondent -------- Mr. Suresh Kumar for the Appellant. Mr. B.D.Damodar for the Respondent. ............. CORAM : J.P. DEVADHAR &M.S.SANKLECHA, JJ. DATE : 31[st] January, 2013 P.C.: In this appeal by the revenue, the basic question which arises for our consideration is: “Whetheronthefactsand circumstances of the case, the Tribunal was correct in holding that set off against long term capital loss is allowable in respect of a depreciable capital assets which is deemed short term gain in terms of section 50 of the Income Tax Act, 1961?” 2The Tribunal has allowed the claim of the assessee by following the decision of this court in the matter of ACE Builders Pvt. Ltd. reported in 281 ITR 210. Further, the revenue has not been able to show any distinguishing features in this SNC case from that of ACE Builders (Supra). In the above circumstances, we find no reason to entertain the proposed question of law. 3Accordingly, the appeal is dismissed with no order as to costs. (M.S. SANKLECHA, J.) (J.P.DEVADHAR, J.)