Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (9) TMI 88 - DELHI HIGH COURT"1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that unabsorbed depreciation of an earlier year could not be allowed to be set off against the income taxed under section 56 (sic) of the Income-tax Act, 1961? - 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in upholding the allowance of only 10 per cent. of the total expenditure incurred by the assessee as expenditure for earning the income that was the subject-matter of tax?" we are of the opinion that the Tribunal was not right in holding that the unabsorbed depreciation carried forward from earlier years could not be allowed against the income assessed under section 56 of the Act under the head "Income from other sources". Consequently, the first question is answered in the negative, i.e., in favour of the assessee and against the Revenue. - As regards the second question, Mr. Aggarwal, learned counsel for the assessee, submits that the assessee, at whose instance, the reference has been made, is not interested in getting an answer from this court on the question. Accordingly, the second question is returned unanswered.
|