TMI Blog2017 (5) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... al had committed any error in deleting the addition . We are complete agreement with the view taken by the learned tribunal. - Decided in favour of assessee - TAX APPEAL NO. 262 of 2017 - - - Dated:- 28-4-2017 - MR. M.R. SHAH, AND MR. B.N. KARIA For the Appellant : MR KM PARIKH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE M.R. SHAH) [1.0] Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal, Ahemdabad A Bench in ITA No.1384/AHD/2012 for the Assessment Year 2008-09, revenue has preferred the present Tax Appeal with the following substantial questions of law; (a) Whether on the facts and circumstances of the case and in law, the ITAT er ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 97 and not in accordance with the provision of Section 32(2) of the Act, 2001 w.e.f. 01/04/2002? (d) Whether on the facts and circumstances of the case and in law, the ITAT erred in directing the A.O. to allow set off /carry forward of unabsorbed depreciation as claimed by the assessee, without appreciating that the assessee s claim of unabsorbed depreciation of A.Y. 1997-98 to 1999- 2000 against profit and gain of business of A.Y. 2008-09 under the provision of Section 32(2) of the Act as amended by Finance Act, 2001 w.e.f. 01/04/2002 was not in accordance with the said amendment. (e) Whether on the facts and circumstances of the case and in law, the ITAT erred in directing the A.O. to allow set off /carry forward of unabsorbed depre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver, the Assessing Officer was of the opinion that considering the bank interest prevailing at the relevant time the respondent assessee ought to have paid the interest at the rate of 12.5%, and therefore, the Assessing Officer made the addition of ₹ 3,00,544/- for the excess payment of interest expenditure. The aforesaid addition came to be confirmed by the learned CIT(A). However, the learned tribunal by the impugned judgment and order has directed to delete the addition of ₹ 3,00,544/- being excess amount of interest expenditure observing that it was commercial expediency of the respondent assessee, which is required to be considered and even the interest paid by the respondent assessee at 15% against 12.5% as claimed b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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