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The Commissioner of Income Tax Versus Techno Tarp And Polymers Pvt. Ltd.

2015 (12) TMI 909 - BOMBAY HIGH COURT

Brought forward unabsorbed loss/ depreciation of the assessee's 10B unit - set off against the current year's profit of the same 10B unit allowed or not ? - Held that:- The issue as raised stands concluded by the decision of this Court in Black & Veatch Consulting(P) Ltd.(2012 (4) TMI 450 - BOMBAY HIGH COURT ) and "Ganesh Polychem Ltd. Vs. ITO" [2012 (8) TMI 953 - ITAT MUMBAI ] against the Revenue. Tribunal was right in holding that the brought forward unabsorbed depreciation and losses of the u .....

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Act, 1961 (the Act), challenges the order dated 1 March 2013 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment year 2009-10. 2. Although numerous questions of law have been formulated in the Memo of Appeal, Mr.Suresh Kumar, learned Counsel for the Revenue urges only the following reframed question of law for our consideration as under:- "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that the broug .....

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m Ltd. Vs. ITO" decided in ITA No.8515/Mum/2010 on 10 August 2012 for the Assessment Year 2006-07 following the decision of this Court in Black & Veatch Consulting(P) Ltd.(supra). 3. The Revenue had carried the decision of the Tribunal in "Ganesh Polychem Ltd. Vs. ITO" (supra) to this Court being Income Tax Appeal (Lodg) No.2083 of 2012 raising the following question of law: "Whether on the facts and in the circumstances of the case and in law the Tribunal was right in ho .....

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P) Ltd.(supra). 4. Mr.Suresh Kumar, learned Counsel for the Revenue does not dispute that the question as framed is covered by the decision of this Court in Black & Veatch Consulting(P) Ltd.(supra) & "Ganesh Polychem Ltd. Vs. ITO" (supra). However, he submits that the question as framed would require consideration as the contrary view taken by Karnataka High Court in "CIT Vs. Himatasingike Seide Ltd., ((2006)156 Taxman 151 (Kar.)) " has now been upheld by the Apex Cou .....

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