2010 (3) TMI 984

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..... g/2002 for the Assessment Year 1997-98, praying that this Hob'ble Court may be pleased to: i. formulate the substantial questions of law stated therein, ii. allow the appeal and set aside the orders passed by the ITAT, in ITA No. 1408/Bang/2002 dated 31-05-2005 confirming the order of the Appellate Commissioner and confirm the order passed by the Deputy Commissioner of Income Tax, Assessment, Sp .....

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..... ould be read retrospectively and made applicable to all pending matters including that of the assessee. 2. Heard the counsel for the parties. 3. The assessee who is engaged in the business of manufacturing of cement filed the return of income for the year 1997-98 declaring the loss and it has not claimed depreciation. The matter was taken up for scrutiny assessment and it was noticed that the as .....

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..... se of the COMMISSIONER OF INCOME TAX VS. KERALA ELECTRIC LAMP WORKS LTD., and also in connected appeal reported in (2003) 261 ITA Page 721(Ker). The kerala high Court has held that explanation 5 to section 32 inserted by the Finance Act 2001 is prospective in nature and not retrospective. Therefore, the substantial questions of law framed by the revenue are to be answered against the revenue, foll .....

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