2009 (2) TMI 15

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....e Revenue. Ms. Kavita Jha, Adv. for the Respondent. ORDER 1. We have heard learned counsel for the parties. With the consent of the learned counsel for the parties the appeal is taken up for final disposal. In our view the following substantial question of law arises for our consideration:- a) Whether the Tribunal misdirected itself in law in cancelling the rectification order of the A....

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....o be calculated only after adjustments had been made for unabsorbed losses and depreciation of earlier years based on a subsequent decision of the Supreme Court in the case of CIT vs Shirke Construction Equipment Ltd., (2007) 291 ITR 380 (SC). In coming to the conclusion the ITAT, followed the decision of this Court in CIT vs Jagannath Syal, 123 Taxman 314; which is to the effect that rectificatio....