2014 (1) TMI 1082

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....nt : Mr. Akshay Bhan, Advocate and Ms. Samiya Singh, Advocate, JUDGEMENT Per: Rajive Bhalla: The Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh, has forwarded a question of law for an answer, which reads as follows:-         "Whether on the facts and in the circumstances of the case, the ITAT was right in law in holding that the deficiency u/s 80....

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....cy or any part thereof shall not be carried forward beyond the seventh assessment year as reckoned from the end of the initial assessment year, thereby leaving no ambiguity that the initial assessment year has to be excluded. The order passed by the Income Tax Appellate Tribunal, affirming order passed by the CIT(A), therefore, does not suffer from any error of law as would require interference. ....

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....ch of the amount thereof as does not exceed the amount calculated at the rate of six per cent, per annum on the capital employed in the industrial undertaking or ship or business of the hotel, as the case may be, computed in the manner specified in subsection (1A) in respect of the previous year relevant to the assessment year (the amount calculated as aforesaid being hereafter, in this section, r....