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ITAT doubts exemption U/s. 54EC allowed by Bombay HC in Ace Builder against short-term capital gains computed u/s 50
Case Law Details
- Case Name
- ITO Vs Legal Heir of Shri Durgaprasad Agnihotri (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009–10
- Courts
- All ITAT, ITAT Mumbai
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CA Suraj R. Agrawal
Brief of the Case
Correctness of law laid down by Bombay High Court in Ace Builder 281 ITR 210 that deduction u/s 54EC is available to short-term capital gains computed u/s 50 doubted by ITAT Mumbai in the case of ITO Vs Legal Heir of Shri Durgaprasad Agnihotri although it has followed the Judgment of Bombay High Court as required to maintain judicial discipline.
Facts of the case:
1. assessee is an individual engaged in the business of photography
2. assessee also earned long term capital gain, which was claimed exempt under section 54EC
3. The assessee made inves...
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