TMI Blog2011 (8) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... gular assessment and not in the block assessment. Depreciation allowed in the regular assessment was current depreciation and there is no material to suggest that current depreciation was not admissible to the assessee and that there is no provision to consider current depreciation as undisclosed income of the assessee. - 113 of 2010 - - - Dated:- 5-8-2011 - DEVADHAR J. P., SAYED A. A. JJ. JUDGMENT 1. Five questions are raised by the Revenue in this appeal, which read thus : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the order of the Commissioner of Income-tax (Appeals) in not sustaining the order of the Assessing Officer in rejecting the books of accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that brought forward losses and unabsorbed depreciation under section 32(2) of the Income-tax Act, 1961, are not to be allowed to "set off" from undisclosed income arrived at after aggregation ? (5) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in not confirming the addition of Rs.38,99,860 being accrued interest on debentures of M/s. Precision Fasteners Ltd. sustained by the Commissioner of Income-tax (Appeals) on account of the assessee's failure to prove that the same had been disclosed in the audited accounts ?" 2. As regards question No. 1 is concerned, the finding of fact recorded by the Income-tax Appellate Tribunal in para. 3.1.1 of its order is that, the Assessing Officer ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal in deleting the interest on accrual basis in the block assessment order. Accordingly, questions Nos. 2 and 5 cannot be entertained. 4. Questions Nos. 3 and 4 relate to the deletion of addition made by the Assessing Officer on account of depreciation and disallowance of business loss in the regular assessment. The Tribunal has recorded a finding that the depreciation allowed in the regular assessment was current depreciation and there is no material to suggest that current depreciation was not admissible to the assessee and that there is no provision to consider current depreciation as undisclosed income of the assessee. In any event, these additions could not be made in the block assessment in the absence of any material found duri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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