M/S. MEDICAL SOLUTIONS (INDIA) PRIVATE LTD ,MUMBAI vs. ITO CIRCLE (2)(1), MUMBAI

ITA 1562/MUM/2025Status: DisposedITAT Mumbai01 May 2025AY 2021-22Bench: HON’BLE SHRI SANDEEP GOSAIN (Judicial Member)4 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that brought forward unabsorbed depreciation can be set off against income from capital gains, subject to factual verification by the AO. The matter was restored to the AO for a fresh assessment.

What were the facts?

The assessee, a private limited company, adjusted brought forward unabsorbed depreciation against long-term capital gains. The AO disallowed this, a decision upheld by the CIT(A). The revenue challenged this before the Tribunal.

What were the issues?

Whether brought forward unabsorbed depreciation can be set off against long-term capital gains.

Which sections of the Income-tax Act were involved?

Section 250,Section 143(1),Section 72,Section 32,Section 73

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Income Tax Appellate Tribunal, “SMC” BENCH MUMBAI

For Appellant: Shri Sameer G. Dalal
For Respondent: Shri Avinash Karpe, Sr. DR
Hearing: 30.04.2025Pronounced: 01.05.2025

PER SANDEEP GOSAIN, JM: The present appeal has been filed by the revenue challenging the impugned order 19.02.2024 passed u/s 250 of the Income Tax Act, 1961 (‘the Act’), by the National Faceless Appeal Centre, Delhi (NFAC) for the assessment year 2021-22. 2. The only ground raised by the Assessee relates to Challenging the order of denial of adjustment made by the 2 M/s. Medical Solutions (Ind) Pvt Ltd., Mumbai

assessee of unabsorbed depreciations against the long term capital gain earned during the year.

3.

In this regard, I have heard the counsels for both the parties, Perused the material placed on record, judgments cited before me and the orders passed by the revenue au

The order continues below.

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