2016 (11) TMI 1697

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....Department : Shri Balasubramanian, CIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: The revenue filed the appeal against the order of CIT(A) -1, Chennai dated 11.02.2016 and pertains to assessment year 2009-10. 2. The assessee has filed the cross objection against the very same order of the CIT(A). Therefore, we heard the appeal of the revenue and cross objection of the assessee together and dis....

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....t representative, the revenue has already filed the special leave petition before the Apex Court against the Gujarat High Court judgment in General Motors P Ltd. (supra). Therefore, the CIT(A) is not justified in allowing the claim of the assessee by placing reliance on the judgment of the Gujarat High Court. The learned department representative further submitted that he is placing reliance on th....

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....issions on either side and also perused the material available on record. As rightly submitted by the learned representative for the assessee, the unabsorbed depreciation was claimed to be set off against the long term capital gain for the assessment year 2007-08. By placing reliance on the judgment of the Gujarat High Court in General Motors P Ltd. (supra), this Tribunal in the assessee's own cas....