2011 (2) TMI 150

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....de available two copies of paper-book to the Court for reconstruction of the file. The said copies are taken on record and paper-book of this appeal be treated as having been reconstructed. 2. This appeal under Section 260A of the Income-Tax Act, 1961 (for short "the Act") has been filed by the Revenue against the order dated 19.7.2006, passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B', Chandigarh (in short "the Tribunal") in ITA No.122/CHANDI/2005, relating to the assessment year 2001-2002. 3. The following substantial question of law has been claimed for determination of this Court: "Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was right in allowing setting-off the income derived dur....

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....t "the CIT(A)"}, however, on an appeal being carried out by the assessee allowed setting off of the income from unabsorbed deprecation vide order dated 4.11.2004. The Tribunal by the order appealed against herein confirmed the order passed by the CIT(A). 5. We have heard learned counsel for the parties and have perused the record. 6. The point for consideration in this case is, whether the carried forward unabsorbed depreciation allowance could be set off against the income under any other head when the business itself had discontinued. 7. Section 32(2) of the Act relates to carry forward of unabsorbed depreciation. It has undergone various changes. It was amended by Finance Act, 2000, w.e.f. 1.4.2001 and as applicable to the asses....