TMI Blog2021 (1) TMI 296X X X X Extracts X X X X X X X X Extracts X X X X ..... he present Tax Case Appeal is covered by the above decisions of the Hon'ble Apex Court and the Division Benches of this court, hence, the Tax Case Appeal should be allowed. In view of the submissions made by the learned counsel on either side, following the Judgments passed by the Hon'ble Apex Court and the Division Benches of this court, the order passed by the Income Tax Appellate Tribunal is liable to be set aside. Accordingly, the same is set aside. The 3rd question of law is decided in favour of the appellant. - Tax Case Appeal No.355 of 2009 And M.P. No.1 of 2009 - - - Dated:- 6-1-2021 - Hon'ble Mr. Justice M. Duraiswamy And Hon'ble Mrs. Justice T.V. Thamilselvi For the Appellant : Mr. R. Sivaraman For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and all available vouchers were produced on 20.12.2007, however, the department had not returned back the same to the appellant. The assessment was finalised by order dated 31.12.2007. 2.2 As against the order passed by the Assessing Officer, the appellant filed an appeal before the Commissioner of Income Tax (Appeals). The appellant also raised the plea of jurisdiction to complete the assessment under section 153A read with section 147 of the Income Tax Act. With regard to dis-allowance on gains on slump sale and omission to set off business loss, the appellant raised a plea that the sale of business assets though computed under the head income from capital gains, the sale would partake the character of the business income and accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer. 4. As against the order passed by the appellate authority, the appellant filed an appeal before the Income Tax Appellate Tribunal. 5. Aggrieved over the same, the appellant has filed the above Tax Case Appeal raising the following substantial questions of law:- (i) Whether the Tribunal was right in law in holding that the assessment made u/s. 153C r/w Sec. 143(3) is valid especially when there are no incriminating materials seized warranting such an assessment on the appellant? (jj) Whether the Tribunal is right in not confirming the view of the Assessing Officer that the business income arising out of sale of fixed assets is to be treated only as short term capital gains under Section 50 of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Parliament was also to the effect that the cumulated unabsorbed depreciation brought forward as on 01.04.1997 could still be set off against the taxable business profit or income under any other head for the assessment year 1997-98 and seven subsequent years. In view of the said position, the Division Bench held that the assessee was entitled to the unabsorbed depreciation brought forward as on 01.04.1997 and could set it off against short-term capital gains. 6.3 On the same lines, the Hon'ble Division Bench in an unreported Judgment dated 14.09.2020 made in T.C.A.No.358 of 2018 [The Commissioner of Income Tax Chennai v. M/s. Sanmar Speciality Chemicals Ltd., Chennai], held that the assessee is entitled to carry forward the loss wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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