What did the Tribunal hold?

The tribunal held that unabsorbed losses brought forward from earlier years are allowable to be set off against the business income of the current year. The issue was set aside to the AO for verification and allowance in accordance with law.

The assessee claimed unabsorbed losses of earlier years amounting to Rs. 3,36,000/- on account of depreciation. The Assessing Officer (AO) did not allow this claim.

What were the issues?

The primary issue was whether unabsorbed depreciation losses from earlier assessment years could be set off against the current year's business income.

Shrimati Shashi Dogra, Jammu vs ITO | ITAT Amritsar 2019

Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR

Before: SH. N. K. CHOUDHRY & SH. O. P. MEENA

Hearing: 20.12.2019Pronounced: 20.12.2019

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH, AMRITSAR BEFORE SH. N. K. CHOUDHRY, JUDICIAL MEMBER AND SH. O. P. MEENA ACCOUNTANT MEMBER I.T.A. No. 700/Asr/2019 Assessment Year: 2010-11

Smt. Shashi Dogra, vs. Income Tax Officer House No. 131, Sector-5 Ward (1)(3)-Jammu Trikuta Nagar, Jammu [PAN: AGZPD 0747J] (Appellant) (Respondent)

Appellant by : Sh. P. N. Arora (Adv.) Respondent by: Sh. Charan Dass (D.R.) Date of Hearing: 20.12.2019 Date of Pronouncement: 20.12.2019

ORDER Per O. P. Meena, AM: This appeal filed by the Assessee is directed against the order of learned Commissioner of Income Tax (Appeals), Jammu dated 09.08.2019 for the Assessment Year 2010-11.

The ground no. 1 to 4 relates to not allowing the unabsorbed losses of the earlier years at Rs.3,36,000/- on account of depreciation which is allowable as against the business income.

We have heard the rival submissions and perused the material available on record. We are of the considered opinion that unabsorbed losses is brought forwarded from earlier years are allowed to set off against the business income of

2 ITA No. 700/Asr/2019 (AY 2010-11) Smt. Shashi Dogra v.ITO the current year. Therefore this issue is set aside to the file of the AO with a direction to allow the same after verification in accordance with law.

In the result, the appeal of the assessee is treated as allowed for statistical purposes.

Order pronounced in the open court on December 20, 2019

Sd/- Sd/- (N. K. Choudhry) (O. P. Meena) Judicial Member Accountant Member Date: 20.12.2019 /GP/Sr. Ps. Copy of the order forwarded to: (1) The Appellant: (2) The Respondent: (3) The CIT(Appeals), (4) The CIT concerned (5) The Sr. DR, I.T.A.T. True Copy By Order

SHRIMATI SHASHI DOGRA,JAMMU vs. INCOME TAX OFFICER WARD- 1 (3), JAMMU

What did the Tribunal hold?

What were the facts?

What were the issues?

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