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2011 (1) TMI 1039 - HC - Income TaxClaim to carry forward depreciation - AO denied the claim to carry forward - Tribunal following the judgment in the case of Himatsingika Seida Ltd. (1997 (5) TMI 73 - ITAT BANGALORE )held that the Assessing Officer was not justified in denying the claim of the assessee - Held that:- Judgment of the ITAT, Bangalore Bench in the case of Himatsingika Seida Ltd. (supra), was challenged by the revenue before this Court wherein held that the Tribunal was not right in law in holding that the assessment order passed by the Assessing Officer allowing the claim of the assessee for adjustment of the unabsorbed depreciation against the other business income once again to show nil tax liability and it held that the said order is erroneous and prejudicial to the interests of the Revenue and accordingly, it set aside the judgment of the Tribunal.
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