2025 (7) TMI 1383

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.... For the Respondent : Mr.R.Vijayaraghavan, for M/s.Subbaraya Aiyar Padmanabhan Ramamani JUDGMENT HON'BLE CHIEF JUSTICE The following four questions of law were framed by this Court on 20.03.2012 while admitting the appeal: "1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the deduction under Section 80-....

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....eciation/ loss of the earlier years, even though they had been set off against the other income of the assessee, had to be notionally carried forward for determining the eligible profits of the undertaking? 3. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in allowing the assessee's claim reducing the amount of unabsorbed depreci....

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....he said question of law is covered by Velayudha Swamy Spinning Mills P Ltd vs. ACIT (Madras) [(2012) 340 ITR 477 Mad], and held against the Revenue. Ms.Pushpa fairly states that the special leave petition was also dismissed, as reported in ACIT (Madras) vs. Velayudha Swamy Spinning Mills P Ltd [(2017) 244 taxmann. 0058 (SC)]. 3. That would leave us to consider only Question Nos.1, 3 and 4. 4....

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....ne Bombay 27]. and Assistant Commissioner of Income Tax, Bangalore vs. Micro Labs Ltd. [2015 (17) SCC 96] and answered in favour of the assessee. Therefore, we would answer this question of law in favour of the assessee, in place of concession made by Mr.Vijayaraghavan earlier. 7. As regards Question No.4, the same is covered by Commissioner of Income Tax vs. Jindal Steel and Power Ltd [460 ITR....