TMI Blog2011 (1) TMI 1039X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee - 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 ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e unabsorbed depreciation of the earlier years, would acquire the character of the current years depreciation and the same has to be set off against the current year's business income in arriving at the profits of the export oriented unit, income of which is claimed to be exempted under Section 10B(1) of the Act. Therefore, the Assessing Officer denied the claim of the assessee to carry forward de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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. 4. In view of the aforesaid adm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the Apex Court in the aforesaid case and in the event the Apex Court upholds the order passed by this Court, only then to proceed to recover the amount due in terms of the assessment order. However, if the Apex Court were to set aside the order passed by this Court, then the order of the Tribunal which we have set aside today, stands restored and the assessee is entitled to the benefit of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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