2017 (3) TMI 274

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....ion 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 28th February, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2009-2010. 2. This appeal raises the following question of law for our consideration : "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in ....

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.... of its Coordinate Bench in Digital Electronics Ltd. v/s. Additional Commissioner of Income Tax 49 SOT 65. In Digital Electronics Ltd. (supra) the Tribunal held that under Section 72 of the Act, the loss under the head 'profits and gains of business or profession' can be carried forward and the same can be set off against profits of any business or profession. It is not the requirement of ....

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....ii): (a) The impugned order allowed the respondent assessee's appeal on this issue by following a decision of the Gujarat High Court in General Motors India (P.) Ltd. v/s. Dy. CIT 354 ITR 244. Mr. Kotangale very fairly bring to our notice the decision of this Court in CIT v/s. Hindustan Unilever Ltd. (2016) 72 taxman.com 325 wherein this Court upheld the view of the Tribunal in following the ....