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TMI Blog2017 (3) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax [2010 (10) TMI 722 - ITAT, Mumbai] wherein held that under Section 72 of the Act, the loss under the head 'profits and gains of business or profession' can be carried forward and the same can be set off against profits of any business or profession. It is not the requirement of Section 72 of the Act that such gain or profit must be taxable under the head 'profit and gains of business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the respondent assessee by the decision of this Court in Hindustan Unilever Ltd. (2016 (7) TMI 1245 - BOMBAY HIGH COURT). - INCOME TAX APPEAL NO. 1493 OF 2014 - - - Dated:- 28-2-2017 - M. S. SANKLECHA A. K. MENON, JJ. Mr. Ashok Kotangale i/b. Ms. Padma Divakar for the Appellant. Mr. Vipul Shah for the Respondent. P.C. 1. This Appeal under Section 260A of the Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... striction of 8 years carry forward which was during the Assessment Years 1997-98 to 2001-02 ? 3. Regarding question no.(i): (a) The impugned order of the Tribunal allowed the appeal of the respondent assessee on the issue of set off of brought forward business losses against deemed short term capital gains arising on sale of building, plant and machinery. This was by following the deci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as been accepted by the Revenue. Further no distinguishing features in the present facts have been shown to us, which would warrant taking of a different view from that taken by the Tribunal in Digital Electronics Ltd. (supra) and accepted by the Revenue. (c) In the above view, question no.(i) as proposed does not give rise to any substantial question of law. Thus not entertained. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t from Assessment Year 2002-03. Consequently the unabsorbed depreciation as available on 1st April, 2001 will be allowable from the Assessment Year 200203 onwards. (b) In the above view, as the issue stands concluded in favour of the respondent assessee by the decision of this Court in Hindustan Unilever Ltd. (supra). The question as proposed does not give rise to any substantial que ..... X X X X Extracts X X X X X X X X Extracts X X X X
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