2017 (4) TMI 65

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..... rawal For the Respondent : Manish Mishra ORDER 1. Heard Sri Pradeep Agrawal, learned counsel for appellant and Sri Manish Misra, Advocate for respondents. 2. Both these appeals filed under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as the Act, 1961 ) have arisen from common judgment dated 11.08.2016 passed by Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow (hereinafter referred to the Tribunal ) in Income Tax Appeals No. 563/LKW/2015 and 564/LKW/2015, respectively, and relates to Assessment Years 2007-08 and 2008-09. 3. Though the appellant has formulated several substantial questions of law but at the time of argument Sri Pradeep Agrawal, learned counsel for appellant, could not d .....

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..... Rs. Net Profit as per P L account (Revised Return) 26,20,17,252 Add: (i) Depreciation for separate consideration 5,86,80,862 (ii) Earlier year's expenses, as discussed in para 5 above 27,52,274 (iii) Contribution to pension, as discussed in para 6 above 10,01,685 6,24,34,821 32,44,52,073 .....

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..... 2. Deduction u/s 80 IA ( ) ₹ 5,77,59,517/ Total Income Rs.12,82,14,863/ Less: 1. Loss brought forward ( ) ₹ 9,81,86,379/ 2. Unabsorbed depreciation 2003 04 ( ) ₹ 1,75,06,405/ Taxable Income ₹ 1,25,22,079/ 7. When confronted, Sri Manish Misra, learned counsel for Revenue, could not dispute that these assessment orders cannot be said to be of Nil income. That be so, benefit of deduction under Section 80 IA was rightly g .....

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