TMI Blog2021 (7) TMI 531X X X X Extracts X X X X X X X X Extracts X X X X ..... Standing Counsel For the Respondent in all TCAs : Mr.R.Venkat Narayanan for M/s. Subbaraya Aiyar Padmanabhan COMMON JUDGMENT M.DURAISWAMY, J. Challenging the common order passed in I.T.A.Nos. 1591/Mds/2015, 1592/Mds/2015 and 1593/Mds/2015 in respect of the Assessment Years 2007- 2008, 2009-2010 and 2010-2011 on the file of the Income Tax Appellate Tribunal, Chennai A Bench, (for brevity, the Tribunal), the Revenue has filed the above appeals. 2.1 The assessee is a limited company engaged in the business of Foundries. The Assessing Officer found that the assessee had claimed additional depreciation under section 32(1)(iia) of the Income Tax Act for the Assessment Years 2007-2008, 2009-2010 and 2010-2011 on the ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances and in law, the ITAT was right in ignoring the jurisdictional High Court's decision in the case of M.M. Forgings Ltd (Reported in349 ITR 673)? (iii) Whether on the facts and circumstances and in law, the ITAT was right in ignoring the second provision of Section 32(1), when there are no provisions in the statute to carry forward the balance additional depreciation to the following years? 3 . When the appeals are taken up for hearing, Mr.Karthik Ranganathan, learned Senior Standing Counsel appearing for the appellant, fairly submitted that the questions of law involved in the present appeals were already decided against the Revenue in the Judgment of the Hon'ble Division Bench of this Court dated 18.03.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der Chapter IV of the Act and not at the stage of computation of the total income under Chapter VI of the Act. 28. Here in the case in hand, the total income was first arrived at by the Revenue through the Assessing Officer in the Assessment Order by computing the total income by way of brought forward or carry forward the depreciation allowance of the earlier Assessment Years and set off the unabsorbed depreciation first and making the return Nil, thereby leaving the Assessee in a position where it could not claim any deduction under Section 10B as there was no income after set off of carry forward depreciation and unabsorbed depreciation from earlier years. 29. This method of computing the income in the present case made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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