2015 (6) TMI 1099

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...., Sr. AR Order u/s.254(1)of the Income-tax Act,1961(Act) PER RAJENDRA, AM   Challenging the order dt.8.5.2011 of CIT(A)-I, Mumbai, the Assessing Officer(AO), has raised following Grounds of Appeal: "1.On the facts and in the circumstances of the case, and in law, the Learned Commissioner of Income Tax (Appeals) erred in directing the Assessing Officer to allow depreciation o....

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....icit arises out of expenditure out of income on which exemption has already been claimed and allowing of set off of deficit of earlier year against income of current year will result in double deduction which is contrary to the ratio laid down by the Hon'ble Supreme Court in the case of Escorts Ltd vs. UOI 199 ITR 43 and J.K. Synthetics v/s. Union of India (1992) 65 TAXMAN 420. 4.The ....

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....n this regard reads as under :- "3.3 I have carefully considered the facts of the case, submission of the appellant and assessment order. I find that the appellant has taken up the matter for A. Y.2003-04 in writ before the Hon'ble Bombay high Court who has allowed the writ not only on issue of notice u/s. 148 for reopening the assessment, but also on the issue of allowing depreciation fo....