2009 (2) TMI 15

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..... or the Respondent. ORDER 1. We have heard learned counsel for the parties. With the consent of the learned counsel for the parties the appeal is taken up for final disposal. In our view the following substantial question of law arises for our consideration:- a) Whether the Tribunal misdirected itself in law in cancelling the rectification order of the Assessing Officer passed under Section 154 .....

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..... een made for unabsorbed losses and depreciation of earlier years based on a subsequent decision of the Supreme Court in the case of CIT vs Shirke Construction Equipment Ltd., (2007) 291 ITR 380 (SC). In coming to the conclusion the ITAT, followed the decision of this Court in CIT vs Jagannath Syal, 123 Taxman 314; which is to the effect that rectification cannot be carried out on the strength of a .....

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..... sing Officer after being invited to exercise jurisdiction under Section 154 of the Act by the Assessee came to a conclusion, which did not entirely find favour with the Assessee, on his own without resorting to any decision of a Court. 5. Therefore, according to us the Tribunal fell in error by following Jagannath Syal. The question of law is thus answered in favour of the Revenue. In these circu .....

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