2016 (6) TMI 973

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.... ORAL JUDGMENT: (PER F.M. REIS, J.) Heard Shri M. Pereira, learned Counsel appearing for the appellant and Ms. A. Desai, learned Counsel appearing for the respondent. 2. Admit on the following substantial question of law: Whether the impugned order dated 09/02/2015 passed by the Income Tax Appellate Tribunal, Panaji, Goa stands vitiated for not carrying out the calculations in terms of....

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.... learned Counsel appearing for the Revenue, however, submits that the appellants have not brought any material on record to establish that the amount claimed was, in fact, the loss which can be deducted under Section 115 JB(2) of the Income Tax Act. The learned Counsel further points out that it is well settled that whilst computing such loss, accumulated depreciation cannot be included. The learn....

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....ified that the matter is remanded only for the restricted purpose to examine whether the appellants are entitled to get the deduction on account of losses incurred as provided in Section 115 JB(2) of the Income Tax Act. In case the appellants desire to produce any further material, such material shall be considered by the Tribunal, after hearing the parties in accordance with law. 6. In view of....