2015 (9) TMI 1752

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..... earlier years - HELD THAT:- Assessee would be in a position to demonstrate before the AO in respect of the claim of depreciation. There is not dispute with regard to the fact. It has been held in case of CIT Vs. Virmani Industries Pvt. Ltd. [ 1995 (10) TMI 1 - SUPREME COURT ] even if there is no activity being carried out by the assessee is a particular year, however, he would be entitled to set o .....

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..... ctively. 2. At the outset, ld. Counsel for the assesse submitted that although the Tribunal accepted the contention of the assessee that the assessee is entitled for the depreciation in view of the judgment of Hon'ble Apex Court rendered in case of CIT vs. Virmani Industries Pvt. Ltd. (1995) 216 ITR 0607 (SC), having accepted the contention, however, the Tribunal has observed that it is not comin .....

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..... ct of the claim of depreciation. There is not dispute with regard to the fact. It has been held by the Hon'ble Apex Court in case of CIT Vs. Virmani Industries Pvt. Ltd. (supra) even if there is no activity being carried out by the assessee is a particular year, however, he would be entitled to set off the carried forward depreciation from earlier years. Therefore, after considering the totality o .....

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