Bombay High Court Allows Deduction Under Section 54E for Deemed Short-Term Capital Gains Under Section 50 of Income Tax Act, 1961. The Court held that Section 54E does not restrict deduction only to long-term capital gains and the deeming provision under Section 50 does not alter the character of the asset as a capital asset.
7 Mar 2005The Commissioner of Income Tax, Mumbai City-II, appealed against the order of the Income Tax Appellate Tribunal which allowed deduction under Section ...
