TMI Blog2009 (12) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... eal on the basis of material available in the file. 2. The first ground raised is that the learned first appellate authority erred in deleting the addition of ₹ 4,26,936/- made on account of disallowance of depreciation on the fixed assets. On questioning from the Bench about the tax effect, it was fairly pointed out that the tax effect is below the prescribed monetary limit. I have considered the submissions put-forth by the learned Senior DR and perused the material available on record. 3. Brief facts are that the assessee claimed depreciation of ₹ 8,53,871/- on the fixed assets. The learned Assessing Officer based upon the comments of the auditors in the notes to accounts and the nature of the business, disallowed 50% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n account of incorrectness and incompleteness of books of account. . 2. During hearing of the appeal, we have heard Smt. Aparna Karan, ld. Sr. DR and Shri H.P. Verma along with Shri Ashish Goyal, Ld. Counsel for assessee. At the outset, it was pointed out that there is typographical error in mentioning the figure of ₹ 6,37,206/- in the ground of appeal as the correct figure is ₹ 3,94,732/-. The assertion of the assessee was consented to be correct by the ld. Sr. DR. Further, it was pointed out that the tax effect is also below monetary limit, therefore, the appeal of the revenue may be dismissed. The ld. Sr. DR fairly agreed to the submission of the assessee to the extent that the tax effect is below prescribed monetary lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imit (In Rs.) 1. ITAT 2,00,000/- 2. Appeal under section 260A before High Court 4,00,000/- 3. Supreme Court 10,00,000/- The Board further clarified the tax effect, which means the difference between the tax on the total income assessed and the tax that would have been chargeable, had such total income been reduced by the amount of income in respect of the issue against which appeal is intended to be filed. However, the tax will not include any interest thereon. In cases of penalty orders, the tax effect will mean quantum of penalty deleted or reduced in the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed by the assessee. 5. I have considered the rival submissions and perused the material available on record. The stand of the revenue is that proof of last years losses was not furnished by the assessee consequently these are not allowable whereas before the learned first appellate authority there is a factual finding that in all previous years returns were duly filed by the assessee and the same were available on record of the Assessing Officer. In the impugned order the learned first appellate authority has directed the Assessing Officer to allow carry forward of brought forward losses of earlier years which were not set off after verification of records of earlier years. Even otherwise, it is a case of assessed loss which has n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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