TMI Blog2016 (9) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... its? - Held that:- The learned Tribunal passed a right order. But it would have been better, if the learned Tribunal had clarified that the set off was to be allowed in the order as laid down in Section 70 and other relevant sections of the Income Tax Act. In that view of the matter, we dispose of the appeal by directing that the losses shall be allowed to be set off and depreciation shall be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was justified in law in allowing the assessee s claim for setting off Unabsorbed Depreciation and Business Loss amounting to ₹ 1,93,37,099/- and ₹ 1,01,92,186/- respectively in respect of 100% Export Oriented Unit of the assessee against the profit of other units? [ii] Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was justified ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt to the amendment. The Assessing Officer had refused to allow the losses to be set off on the basis that the income accruing to the hundred per cent export-oriented undertaking was an exempt income. The Assessing Officer was obviously wrong because he was concerned with the assessment year 2004-05, when the amendment had already come into force. The same mistake was repeated by the CIT(A). The l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be set off and depreciation shall be allowed to be set off in accordance with law. The question No.1 is, accordingly, answered. The question no.2 is answered in the affirmative. The appeal is, thus, disposed of. We have, in disposing of the appeal, also taken into account the Circular No.07/DV/2013, dated July 16, 2013 issued by the Central Board of Direct Taxes. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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