9911796707
TMI Blog2019 (7) TMI 301X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Tribunal Madras, 'C' Bench in the assessment year 2000 - 2001. 2.The appeal has been admitted on 08.07.2008 on the following substantial question of law: "Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that brought forward losses could be set off against capital gains arising from sale of a business undertaking, contrary to the provisions of Section 72 of the Income Tax Act?" 3.We have heard Mr.T.R.Senthilkumar, learned Senior Standing counsel for the appellant/revenue and Mr.Vijayaraghavan, learned counsel for the respondent/assessee. 4.Though the appeal has been entertained on the above substantial question of law, in our considered view, the question of law need not be answer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t off of interest from securities was allowed to be set off against business loss. The decision of Supreme Court in the case of United Commercial Bank Limited [supra] is also in the same vein. The Assessing Officer has rejected the appellant's claim on the basis of his interpretation of Section 32(2) of the Income Tax Act, 1961. In my discussion in the earlier part of the order I have discussed as to why his interpretation is not on correct time. For these reasons and also after taking into account the tenor of the decisions cited by the appellant, its ground on this point is accepted and the Assessing Officer is directed to allow the set off as claimed by the appellant." 7.The revenue preferred an appeal before the Tribunal, which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thus covering both the issues, the following substantial question of law was framed for consideration in TCA.No.135 of 2008: "Whether, in the facts and circumstances of the case, the Tribunal was right in allowing set off of prior years business loss and unabsorbed depreciation against short term gains?" 9.The Hon'ble Division Bench in the judgment reported in [2009] 318 ITR 0187 in the case of Commissioner of Income Tax Vs. S & S Power Switchgear Limited, dismissed the appeal filed by the Revenue on the ground that no question of law much less a substantial question of law is involved. In the facts of the present case, the question would be as to whether the present appeal filed by the revenue against the order passed in MP.No.0027/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
