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2016 (11) TMI 1697 - AT - Income TaxUnabsorbed depreciation set off against the long term capital gain - HELD THAT:- By placing reliance on the judgment of the Gujarat High Court in General Motors P Ltd. [2012 (8) TMI 714 - GUJARAT HIGH COURT], this Tribunal in the assessee’s own case for the assessment year 2007-08 [2014 (1) TMI 1908 - ITAT CHENNAI] allowed the claim of the assessee. The only contention of the department representative is that the decision of the Mumbai Special Bench of this Tribunal is against the assessee. This Tribunal is of the considered opinion that the judgment of the Gujarat High Court has to be preferred rather than the decision of the Mumbai Special Bench of this Tribunal. Therefore, the CIT(A) has rightly placed his reliance on the judgment of the Gujarat High Court in General Motors P Ltd. (supra) rather than the decision of Mumbai Special Bench of this Tribunal in Times Guarantee Ltd. (supra). - Decided against revenue.
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