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TMI Blog2008 (9) TMI 583X X X X Extracts X X X X X X X X Extracts X X X X ..... ja Pandian J.- The appeal is filed against the order of the Income-tax Appellate Tribunal Madras "B" Bench dated April 25, 2008 made in I. T. A. No. 383/Mds/2006 for the assessment year 1999-2000. 2. The facts of the case culminating in filing of the above appeal culled out from the statement of facts contained in the memorandum of appeal go as follows : 3.For the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and circumstances of the case the Tribunal was right in allowing set off of prior years' business loss and unab- sorbed depreciation against short-term capital gains ?" 5. We heard the argument of the learned counsel appearing for the Revenue, who in all his fairness submitted that the question of law framed in this appeal is covered against the Revenue in the case of CIT v. Pio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year. In the event of depreciation allowance of the year is unable to be absorbed by any other business income or from income under any other head in the same assessment year, the remaining unabsorbed depreciation allowance shall be carried forward to the following year and (a) unabsorbed allowance shall be set off against the profits and gains of any business carried by a person, (b) if th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forward as on April 1, 1997 could still be set off against the taxable business profit, or income under any other head for the assessment year 1991-98 and seven subsequent years, vide [1996] 222 ITR (St.) 36. Circular of the Central Board of Direct Taxes No. 762 dated February 18, 1998 ([1998] 230 ITR (St.) 12, 27 also clarifies the issue to the following effect : "Sub-section (2) of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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