ITO, WARD - 10(1), KOLKATA vs. M/S. EASTERN SUGAR AND INDUSTRIES LIMITED, KOLKATA

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ITA 2660/KOL/2018Status: DisposedITAT Kolkata16 April 2021AY 2012-132 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, agreeing that brought forward depreciation can be set off against income from other sources. This followed established judicial precedents.

What were the facts?

The Revenue appealed the deletion of disallowance of setting off brought forward business loss and unabsorbed depreciation by the CIT(A). The assessee had adjusted these losses against its income in the return.

What were the issues?

Whether brought forward business loss and unabsorbed depreciation can be set off against income from other sources.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA

Before: Sri J. Sudhakar Reddy & Sri Aby T. Varkey

order

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