THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

In the result, the appeal filed by the assessee is allowed

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

1) and (2) is restricted only to the mode of computation of capital gains contained in sections 48 and 49. The legal fiction is to deem the capital gain as short-term capital gain and not to deem the asset as short-term capital asset. Section 50 did not convert a long-term capital asset into a short-term capital

PASSPORT JEANS PVT LTD ,KOLKATA vs. DCIT, CPC, BANGALORE

In the result, the appeal of assessee is partly allowed