2025 (6) TMI 1059

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....upta, Sr. DR ORDER PER YOGESH KUMAR, U.S. JM: The present appeal is filed by the Department of Revenue against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre ['Ld. CIT(A)' /NFAC for short] dated 29/02/2024 for the Assessment Year 2016-17. 2. Brief facts of the case are that, the Assessee is a Private Limited Company, filed return for Assessment Year 2016-....

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....irected the A.O. to delete the penalty. Aggrieved by the order of the Ld. CIT(A) dated 29/02/2204, the Revenue preferred the present Appeal. 5. None appeared for the Assessee, the notices issued by the registry have been returned unserved. Considering the issue involved in the present Appeal, we deem it fit to decide the Appeal on hearing the Ld. Departmental Representative and verifying the mate....

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....equested the A.O. to disallow unobserved depreciation carried forward of Rs. 2,07,82,790/-. Further, it is also a matter of fact that the Assessee did not derive any benefit due to 'loss' in future years and the mistake was rectified while filing the return of income for Assessment Year 2019-20. The Ld. CIT(A) by relying on the ratio laid down in the case of Reliance Petro products Ltd. (supra), w....