2010 (3) TMI 447

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..... e court was delivered by P. P. S. Janarthana Raja J.- The present appeal is filed under section 260A of the Income-tax Act, 1961 by the Revenue, in I. T. A. No. 205/Mds/ 1996, against the order passed by the Income-tax Appellate Tribunal, Madras, "B" Bench. When the above matter came up for hearing this court admitted the appeal on the following substantial question of law. "Whether on the facts .....

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..... processed under section 143(1)(a) of the Income-tax Act. The Assessing Officer issued a notice under section 143(2) of the Income-tax Act and the assessment was completed. While completing the assessment the Assessing Officer also set off unabsorbed depreciation for the purpose of computing the relief under section 80HHC. Aggrieved by the order the assessee filed an appeal before the Commissioner .....

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..... of notice served on the respondent and his name is printed in the cause list, there is no representation. 6. Heard the counsel and perused the documents and records. It is seen that section 34A of the Income-tax Act restricts on unabsorbed depreciation and unabsorbed investment allowance for limited period, in case of certain domestic companies. Section 34A was introduced by the Legislature with .....

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..... r if there is no such allowance for that previous year, be deemed to be the allowance for that previous year and so on for the succeeding previous years ; (b) where it relates to investment allowance, be carried forward to the assessment year commencing on the 1st day of April, 1993, and the balance of the investment allowance if any still outstanding shall be carried forward to the following ass .....

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..... the Tribunal and the same warrants no interference. The learned counsel for the Revenue was unable to give us any fresh material evidence or any compelling reasons to take a contrary view than the one taken by the Tribunal. In these circumstances, the order passed by the Tribunal is in accordance with law and the same is confirmed. The question of law is answered in favour of the assessee and aga .....

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