2010 (3) TMI 447

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....ant. JUDGMENT The judgment of the court was delivered by P. P. S. Janarthana Raja J.- The present appeal is filed under section 260A of the Income-tax Act, 1961 by the Revenue, in I. T. A. No. 205/Mds/ 1996, against the order passed by the Income-tax Appellate Tribunal, Madras, "B" Bench. When the above matter came up for hearing this court admitted the appeal on the following substantial....

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....and investment allowance. The said return was processed under section 143(1)(a) of the Income-tax Act. The Assessing Officer issued a notice under section 143(2) of the Income-tax Act and the assessment was completed. While completing the assessment the Assessing Officer also set off unabsorbed depreciation for the purpose of computing the relief under section 80HHC. Aggrieved by the order the ass....

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....y the Tribunal has to be set aside. 5. In spite of notice served on the respondent and his name is printed in the cause list, there is no representation. 6. Heard the counsel and perused the documents and records. It is seen that section 34A of the Income-tax Act restricts on unabsorbed depreciation and unabsorbed investment allowance for limited period, in case of certain domestic companies....

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....f April, 1993, and be deemed to be part of that allowance or if there is no such allowance for that previous year, be deemed to be the allowance for that previous year and so on for the succeeding previous years ; (b) where it relates to investment allowance, be carried forward to the assessment year commencing on the 1^st day of April, 1993, and the balance of the investment allowance if any s....