Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 1424 - AT - Income TaxUnabsorbed depreciation set off against the long term capital gain - HELD THAT:- We find that the issue is squarely covered by the decision of the Mumbai Special Bench in the case of DCIT Vs. Times Guaranty Ltd.[2010 (6) TMI 516 - ITAT, MUMBAI], the Hon’ble High Court of Gujarat in the case of General Motors India Ltd.[2012 (8) TMI 714 - GUJARAT HIGH COURT]and the Chennai Bench of the Tribunal [2013 (8) TMI 1149 - ITAT CHENNAI] for the assessment year 2008-09. As pointed out by the learned assessee’s Representative before the learned Assessing Officer which is extracted hereinabove. Assessing Officer had made the addition only on the ground that the aforesaid decisions were not accepted by the Department and they are in appeal before higher judicial forum. This view of the learned Assessing Officer is not appreciable. Therefore, following the above mentioned decisions and taking note of section 71(2) of the Act, we hereby direct the learned Assessing Officer to allow the claim of set off & carry forward of depreciation against the long term capital gain of the assessee in the relevant assessment year. - Decided in favour of assessee.
|