TMI Blog2022 (1) TMI 847X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee, he attempted to suggest that the said issue was debatable, when the assessing officer sought to invoke his power under section 15 on the premise that the said issue was finally resolved in favour of the Revenue in the case of Commissioner of Income Tax v. Shirke Construction Equipment Ltd. [ 2007 (5) TMI 194 - SUPREME COURT] in which, the decision rendered by the Bombay High Court, in the case of Commissioner of Income Tax v. Shirke Construction Equipment Ltd, [ 2000 (7) TMI 40 - BOMBAY HIGH COURT] was reversed. Hon'ble Supreme Court in the decision in IPCA Laboratories Ltd [ 2004 (3) TMI 9 - SUPREME COURT] had already overruled the decision of the Bombay High Court in the case of Commissioner of Income Tax v. Shirke Constru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the circumstances of the case the Income Tax Appellate Tribunal was right in law in upholding the jurisdiction of the assessing officer u/s 154 to adjust the unabsorbed depreciation loss of earlier assessment years against the current year's business income, while computing deduction u/s 80HHC?. B. Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was right in not holding that the issue of setting off brought forward unabsorbed depreciation of earlier years against the current year's business income was a debatable issue and therefore there was no apparent mistake for the assessing officer to exercise the jurisdiction u/s 154 of Income Tax Act, 1961? 3.The appellant is engaged in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f record inasmuch as it was contrary to the decision of the Hon'ble Supreme Court in IPCA Laboratories Ltd. v. Deputy Commissioner of Income Tax, 266 ITR 521, in which, it was held that section 80AB would override all other provisions in Chapter VI A and accordingly, revised the assessment. 5.Aggrieved by the rectification of assessment on 15.12.2006, the appellant preferred an appeal before the Commissioner of Income Tax (Appeals)-1, Coimbatore, who referring to the decision of the Hon'ble Supreme Court in IPCA Laboratories Ltd (supra), found that the overriding effect of section 80AB in the computation of total income over all other sections in Chapter VIA, was a settled issue and thus, held that the revision order under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hough the learned counsel for the appellant would agree that the issue, as to whether it is permissible to adjust unabsorbed depreciation loss of the earlier assessment year, while computing deduction under section 80HHC, stands decided against the appellant/assessee, he attempted to suggest that the said issue was debatable, when the assessing officer sought to invoke his power under section 154 of the Income Tax Act, 1961, on the premise that the said issue was finally resolved in favour of the Revenue by the Hon'ble Supreme Court only on 17.05.2007, in the case of Commissioner of Income Tax v. Shirke Construction Equipment Ltd, [2007] 291 ITR 380 (SC), in which, the decision rendered on 24.07.2000 by the Bombay High Court, in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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