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of <h1>The SC dismissed the Civil Appeal for lacking merit.</h1> <h3>M/s. Himatsingka Seide Ltd. Versus Commissioner of Income Tax</h3> The SC dismissed the Civil Appeal for lacking merit. - M/s. Himatsingka Seide Ltd. Versus Commissioner of Income Tax - TMI 100% EOU - Exemption u/s 10B - Adjustment of the unabsorbed depreciation against the income from other sources - 'Whether, Tribunal is right in holding that the assessment order passed by the Assessing Officer allowing the claim of the assessee for adjustment of the unabsorbed depreciation against the income from other sources was in order and hence cannot be considered to be erroneous or prejudicial to the interests of the Revenue and in cancelling the order under sections 263?' – Held that:- As per Hon’ble Karnatka High Court Order,Commissioner directed that the unabsorbed depreciation and unabsorbed investment allowance should be adjusted against the income of the export-oriented business undertaking and the total income of the assessee should accordingly be recomputed afresh. - calculation cannot be at the whims and fancies of an assessee for exemption of tax - Commissioner is fully justified in holding that the assessee is not justified in showing nil return - Order of HC reversing the order of ITAT sustained [2006 (8) TMI 125 - KARNATAKA High Court]– Decided against the Assessee. The Supreme Court dismissed the Civil Appeal as it was found to be devoid of any merit. The appeal was dismissed accordingly.
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