2010 (5) TMI 879

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....i H.P. Verma along with Shri Ashish Goyal O R D E R PER JOGINDER SINGH, JM This appeal is by the revenue against the order of the learned CIT(A) dated 26.8.2009. The first ground raised is that on the facts and in the circumstances of the case, the learned Commissioner of Income-tax (Appeals) erred in deleting the addition of Rs. 5,46,831/- made on account of disallowance of depreciation ....

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....tor it cannot be disallowed. 2. We have considered the rival submissions of ld. representatives of both sides and perused the material available on record. We have found that WDV as on 31.3.2002 was taken after reducing the sale of some assets. It is also found that the assessee was allowed depreciation for the assessment year 2002-03 wherein the amount of Rs. 68,21,554/- was worked out after c....

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.... hand, the ld. Counsel for the assessee defended the impugned order. 4. On perusal of record and after hearing rival submissions, we have found that the carrying forward of losses of earlier years to the subsequent years was not allowed on the plea that no proof of losses of past year was furnished by the assessee. The stand of the assessee is that returns of the previous years filed by the ass....