2008 (2) TMI 20

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....r short as Tribunal), Delhi Bench "E" in ITA No.89/Del/2005 relevant for the Assessment Year 1998-1999 has filed this appeal. 2. The brief facts of this case are that Assessee who is engaged in the business of manufacturing of steel ingots, filed a return of income on 29^th September, 1999 showing 'Nil' income from business and profession. The Assessing Officer assessed the income of Assessee a....

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....t considered brought forward depreciation which forms part of brought forward losses and which had been assessed in the past. The Assessee contended that brought forward unabsorbed depreciation must be allowed even if the business is discontinued. 5.         The CIT (A) rectified order dated 7^th March, 2002 and allowed the carry forward depreciation. ....

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....ent Year 1997-98, it is necessary that the Assessee continues the same business. 9.         The Tribunal in the impugned order has held that:-"The claim for unabsorbed depreciation is a matter of record for which no factual finding is necessary. Thus, after computing the income, the Assessee is always entitled to claim for set off of unabsorbed depreciati....