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2018 (12) TMI 1617 - HC - Income TaxDisallowing depreciation on fixed assets - allowing the carry forward of deficit for A.Y. 2010-11 and 2011-12 and allowing set off against the income of the subsequent years - HELD THAT - Revenue very fairly states that the issues raised herein stands concluded against the Revenue and in favour of the respondent assessee by the decision of the Apex Court in Commissioner of Income Tax III Pune Vs. Rajasthan & Gujarati Charitable Foundation Poona 2017 (12) TMI 1067 - SUPREME COURT . No substantial questions of law. Thus not entertained.
Issues:
Challenges to the order of the Income Tax Appellate Tribunal regarding depreciation on fixed assets and carry forward of deficit for Assessment Years 2010-11 and 2011-12. Analysis: The High Court of Bombay heard appeals challenging the common order of the Income Tax Appellate Tribunal related to Assessment Years 2010-11 and 2011-12. The Revenue raised two reframed questions of law for consideration. Firstly, whether the Tribunal was correct in allowing the appeal of the assessee on disallowing depreciation on fixed assets for the mentioned assessment years. Secondly, whether the Tribunal erred in permitting the carry forward of deficit for the same years and allowing set off against subsequent years' income. During the proceedings, Mr. Kotangle, representing the Revenue, acknowledged that the issues raised had been settled against the Revenue and in favor of the respondent assessee by a decision of the Apex Court in a specific case. Consequently, Mr. Kotangle admitted that the proposed questions did not present any substantial questions of law and were not entertained by the court. In light of the above, the High Court dismissed both appeals without any order as to costs. The decision was based on the settled legal position as per the Apex Court's ruling, which favored the respondent assessee. The court's judgment upheld the Tribunal's decision regarding the allowance of depreciation on fixed assets and the carry forward of deficit for the mentioned assessment years, in line with the precedent set by the Apex Court.
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