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India Furniture Products Limited, Versus The Commissioner of Income Tax Goa.

2016 (6) TMI 973 - BOMBAY HIGH COURT

MAT computation - loss which can be deducted under Section 115 JB(2) - Held that:- There is no specific mention in the impugned order the manner of calculation of the amounts in terms of the explanation to Section 115 JB(2) of the Income Tax Act. Wit .....

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rties in accordance with law. It is, however, clarified that the matter is remanded only for the restricted purpose to examine whether the appellants are entitled to get the deduction on account of losses incurred as provided in Section 115 JB(2) of .....

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(PER F.M. REIS, J.) Heard Shri M. Pereira, learned Counsel appearing for the appellant and Ms. A. Desai, learned Counsel appearing for the respondent. 2. Admit on the following substantial question of law: Whether t .....

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ndent waives service. Heard forthwith with the consent of the learned Counsel. 3. Shri M. Pereira, learned Counsel appearing for the appellant, during the course of hearing, has vehemently argued that though the appellants have brought mat .....

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m of ₹ 71,12,238/-. The learned Counsel further points out that the amount of deduction claimed was, according to him, the loss which was accumulated, which can be deducted whilst computing the income. 4. Ms. Desai, learned Counsel .....

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el further points out that it is well settled that whilst computing such loss, accumulated depreciation cannot be included. The learned Counsel further points out that in any event, in case the appellants have produced any material which has not been .....

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on in the impugned order the manner of calculation of the amounts in terms of the explanation to Section 115 JB(2) of the Income Tax Act. Without going into the merits of the rival contentions, we find it appropriate to quash and set aside the impugn .....

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