2019 (2) TMI 1284

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....RI. P. BENNY THOMAS SRI. P. GOPINATH (SR. ) For The Respondent : SRI. JOSE JOSEPH, STANDING COUNSEL, GOI (TAXES) JUDGMENT Vinod Chandran, J. The appeal of the assessee is from the order of the Income Tax Appellate Tribunal [for brevity "the Tribunal"] for the assessment year 2006-07. 2. The first question is with respect to the unabsorbed depreciation/business loss; the lower of which was ....

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....such consideration by the AO in accordance with the order of the Tribunal. There is no question of law arising from the aforesaid issue. 3. The next issue is on the provision for interest in a Bank loan made for the earlier years; from 2000-01 to 2005-06, being permissible as a deduction under Explanation 1(i) to Section 115JB(2). On facts, it has to be noticed that the assessee's specific cl....

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....) to Section 115JB(2). 4. The Tribunal, however, found that the interest is an unascertained liability and ought not to have been disallowed in the earlier years. When the AO as per the remand report at Annexure-C specifically states that it is disallowed under Section 43B, it was not proper for the Tribunal to have taken such a view. The learned Standing Counsel, Government of India (Taxes) also....