TMI Blog2016 (11) TMI 1697X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment year 2007-08 [ 2014 (1) TMI 1908 - ITAT CHENNAI] allowed the claim of the assessee. The only contention of the department representative is that the decision of the Mumbai Special Bench of this Tribunal is against the assessee. This Tribunal is of the considered opinion that the judgment of the Gujarat High Court has to be preferred rather than the decision of the Mumbai Sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the CIT(A). Therefore, we heard the appeal of the revenue and cross objection of the assessee together and dispose off the same by this common order. 3. The only issue arises for consideration is set off unabsorbed depreciation against the long term capital gain. Shri Balasubramanian, the learned department representative submitted that the assessee claimed unabsorbed depreciation to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the Gujarat High Court. The learned department representative further submitted that he is placing reliance on the observation made by the assessing officer and the ground raised by the revenue before this Tribunal. 4. On the contrary, Shri T.Banusekar, the learned representative for the assessee submitted that an identical issue was considered by this Tribunal in assessee s own case in I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eliance on the judgment of the Gujarat High Court in General Motors P Ltd. (supra), this Tribunal in the assessee s own case for the assessment year 2007-08 allowed the claim of the assessee. The only contention of the department representative is that the decision of the Mumbai Special Bench of this Tribunal is against the assessee. This Tribunal is of the considered opinion that the judgment of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
