2015 (1) TMI 572

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....h on Ground No.5 of the Revenue's appeal and on Ground No.1 (i) to (iii) and Ground No.2 (i) to (iii) of the assessee's appeal. These grounds, inter alia, have been reproduced in the order of the Judicial Member. 3. Dealing with the Ground No.5 of the Revenue's appeal, relating to the allowance of the claim of the assessee in respect of carry forward and set off of brought forward business losses and unabsorbed depreciation, the Judicial Member held, rejecting the ground of the revenue, that the CIT (A) has correctly held the assessee company to be entitled to carry forward its losses only from AY 2001-02, while the losses for earlier years are not so entitled. It was also held that the unabsorbed depreciation has also been correctly all....

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....os.2 (i) to (iii) which related to the disallowance of Rs. 8,70,00,000/- towards spares, stores and tools consumed by the assessee, it was the opinion of the Accountant Member that though he agreed with the findings of the Judicial Member that stores, spares and tools are entirely different from the raw material purchased and these are expenses incurred wholly and exclusively for the purpose of business, in the present case, at no stage either during assessment proceedings or during remand proceedings or during appellate proceedings the amount of claim got verified by any authority and, therefore, this issue also needed to go back to the AO who, on the basis of documents to be submitted by the assessee needed to arrive at the amount of clai....