2015 (5) TMI 223

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....by the Assessing Officer under section 68 are liable to be set off against unabsorbed depreciation, the revenue has preferred present tax appeal with the following proposed substantial question of law. "[A] Whether in the circumstances and facts of the case and in the law, the Hon'ble ITAT is justified in upholding the decision of the Ld. CIT (A) that addition made u/s 68 are liable to be set off against unabsorbed depreciation?" 2. We have heard Shri Mehta, learned advocate appearing on behalf of the revenue and gone through the impugned judgment and order as well as the order passed by the learned CIT (Appeals) as well as the assessment order. 3. At the outset, it is required to be noted that the assessee filed return of inco....

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.... and allowed the set off of brought forward depreciation by holding that the assessee was entitled to set off to brought forward depreciation loss against income determined u/s 68 of the Act, as per section 32 of the Act. 5. Feeling aggrieved by and dissatisfied with the order passed by the learned CIT (Appeals), the revenue preferred appeal before the learned Tribunal and by impugned judgment and order, the learned Tribunal dismissed the said appeal confirming the order passed by the learned CIT (Appeals). 6. On considering the impugned judgment and order passed by the learned Tribunal, it appears that the learned Tribunal has heavily relied upon, considered and followed the decision of the Hon'ble Supreme Court in the case of CI....