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2015 (5) TMI 223 - GUJARAT HIGH COURT

2015 (5) TMI 223 - GUJARAT HIGH COURT - TMI - Addition u/s 68 set off against unabsorbed depreciation - Held that:- On considering the decision of the Hon'ble Supreme Court in case of D.P. Sandu Bros. Chembur (P) Ltd. (2005 (1) TMI 13 - SUPREME Court ) which is on the point no error has been committed by the Tribunal in dismissing the appeal confirming the order passed by the learned CIT (Appeals) holding and/or permitting the addition made under section 68 of the Act liable to be set off ag .....

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order passed by the learned CIT (Appeals) in holding that the addition made by the Assessing Officer under section 68 are liable to be set off against unabsorbed depreciation, the revenue has preferred present tax appeal with the following proposed substantial question of law. "[A] Whether in the circumstances and facts of the case and in the law, the Hon'ble ITAT is justified in upholding the decision of the Ld. CIT (A) that addition made u/s 68 are liable to be set off against unabsor .....

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lowing additions/disallowances. (i) Unsecured loans received : Rs.6,80,000 (ii) Peak credit of squared up loan : Rs.7,00,000 (iii) Interest paid to others : Rs.2,43,300 (iv) Sundry creditors for goods : Rs.12,97,248 (v) Sundry creditors for exp. & others : Rs.3,66,561 4. While completing the assessment, the brought forward depreciation loss of ₹ 13,80,000/- was allowed by the AO to set off. It appears that thereafter, the case was reopened under section 147 of the Act on the reason tha .....

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ard depreciation loss of ₹ 13,80,000/-. Feeling aggrieved by and dissatisfied with the reassessment order disallowing the set off of brought forward loss of ₹ 13,80,000/-, the assessee preferred appeal before the learned CIT (Appeals) and the learned CIT (Appeals) partly allowed the said appeal and allowed the set off of brought forward depreciation by holding that the assessee was entitled to set off to brought forward depreciation loss against income determined u/s 68 of the Act, a .....

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of the Hon'ble Supreme Court in the case of CIT Vs. D.P. Sandu Bros. Chembur (P) Ltd. reported at (2005) 273 ITR 1 (SC) and has confirmed the order passed by the learned CIT (Appeals) by observing in para 7 as under: "7. We find that the Hon'ble Supreme Court in the case of CIT Vs. D.P. Sandu Bros. Chembur (P) Ltd (2005) 273 ITR 1 (SC) has held as under: "Section 14 of the Income Tax Act, 1961 as it stood at the relevant time similarly provided that "all income shall for .....

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