ACIT, CIRCLE-26(1), NEW DELHI vs. VALUE FIRST DIGITAL MEDIA PVT. LTD.,, NEW DELHI

In the result, ITA No. 3143/Del/2019 [A

Bench: Shri Narender Kumar Choudhry & Dr. B.R.R. Kumar

set-off of brought forward business losses and unabsorbed depreciation pertaining to the demerged undertaking (M/s Gingersoft Media pvt. Ltd.) for the period

PVR PICTURES LTD.,NEW DELHI vs. DCIT, CIRCLE- 19(2), NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us

set off the Book Profit anywhere against the brought forward loss as on 01.04.2010. Provisions of Section 115JB(2) of Explanation 1 to clause (ii) is reproduced as under: '(2) 12[Every assessee, [(iii) the amount of loss brought forward or unabsorbed depreciation

DCIT, NEW DELHI vs. M/S INDO RAMA SYNTHETICS (I) LTD., NEW DELHI

In the result the appeal filed by the revenue stands dismissed

Bench: Shri G. D. Agrawal, Hon’Ble & Smt. Beena A. Pillai

depreciation cannot be claimed as set-off twice. 8.5.1 As stated above, the claim of assessee that is not that the benefit of the set-off was not claimed in earlier year. It is also not the claim of assessee that in the year of set-off, carried forward loss

COMMISSIONER OF INCOME TAX vs. GOVIND NAGAR SUGAR LIMITED

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

loss. 17. From the above, it comes out that the effect of Section 32(2) is that unabsorbed depreciation of a year becomes part of depreciation of subsequent year by legal fiction and when it becomes part of current year depreciation it is liable to be set

M/S VALUE FIRST DIGITAL MEDIA PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble

set off of brought forward business losses and unabsorbed depreciation on the plea that no entry of losses has made

VALUE FIRST DIGITAL MEDIA PVT. LTD.,,NEW DELHI vs. DCIT, CIRCLE-26(1), NEW DELHI

Bench: Shri N.K. Billaiya & Ms. Suchitra Kamble

set off of brought forward business losses and unabsorbed depreciation on the plea that no entry of losses has made

MS. SAI ASTHA EXPORTS PVT. LTD.,,NEW DELHI vs. ITO, NEW DELHI

In the result, both the appeals filed by the assessee stand allowed

Bench: Shri H.S. Sidhu

depreciation brought forward from earlier years should be allowed to be set off against the income other than from the head Business and Profession. The facts of the case are not in dispute. The appellant has no business activities during the year and has income from House Property only. The provisions of section 71 provide for setting off of losses

MS. SAI ASTHA EXPORTS PVT. LTD.,,NEW DELHI vs. ITO, NEW DELHI

In the result, both the appeals filed by the assessee stand allowed

Bench: Shri H.S. Sidhu

depreciation brought forward from earlier years should be allowed to be set off against the income other than from the head Business and Profession. The facts of the case are not in dispute. The appellant has no business activities during the year and has income from House Property only. The provisions of section 71 provide for setting off of losses

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

PETRONET LNG LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

DCIT, NEW DELHI vs. M/S. PETRONET LNG LTD., NEW DELHI

Appeal of the assessee is allowed

Bench: Sh. Sudhanshu Srivastavadr. B. R. R. Kumar(Through Video Conferencing) Ita No. 5230/Del/2015 : Asstt. Year : 2009-10 Ita No. 5231/Del/2015 : Asstt. Year : 2010-11 Ita No. 5232/Del/2015 : Asstt. Year : 2011-12 Petronet Lng Ltd., Vs Deputy Commissioner Of First Floor, World Trade Centre, Income Tax, Circle-19(2), Babar Road, Barakhamba Lane, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Ita No. 4902/Del/2015 : Asstt. Year : 2009-10 Ita No. 4903/Del/2015 : Asstt. Year : 2010-11 Ita No. 4904/Del/2015 : Asstt. Year : 2011-12 Deputy Commissioner Of Vs Petronet Lng Ltd., Income Tax, Circle-19(2), First Floor, World Trade Centre, New Delhi Babar Road, Barakhamba Lane, New Delhi-110001 (Appellant) (Respondent) Pan No. Aaacp8148D Assessee By : Sh. Vishal Kalra, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 27.01.2021 Date Of Pronouncement: 18.03.2021

setting off the brought forward losses from the assessment years 2006-07 to 2008-09. The Assessing Officer has computed the losses against the profits of the similar unit year wise. The moot argument of the ld. Counsel for the assessee was that the brought forward losses and depreciation

M/S. HAVELLS INDIA LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Anil Chaturvedi & Ms Suchitra Kamble(Through Video Conferencing) Vs Havells India Ltd. Acit 1, Raj Narian Marg, Ltu Civil Lines New Delhi New Delhi Aaach0351E (Respondent) (Appellant)

set off of unabsorbed losses/ deprecation to bring an altogether new concept of notional carrying forward of absorbed losses/ depreciation

M/S. HINDON RIVER MILLS LTD,,GHAZIABAD vs. DCIT, GHAZIABAD

In the result, the appeal filed by the assessee in ITA No

Bench: Shri A.D. Jain & Shri N.K. Billaiya[A.Y 2011-12]

loss from business before depreciation at Rs. 17,48,195/-. To this, the assessee added current year's depreciation at Rs. 2,32,059/- and unabsorbed depreciation brought forward from assessment years 1999-2000 and 2002-03 at Rs. 6,42,208/- and claimed set

NEC HCL SYSTEM TECHNOLOGIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result we confirm the finding the of the CIT (A) regarding deletion of disallowance u/s 40a (i) of The Income tax Act of Rs

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi

set off of brought forward losses and unabsorbed depreciation against the assessed business income and other income. 3. Facts of the case

ACIT, CIRCLE- 9(2), NEW DELHI vs. FRESENIUS KABI ONCOLOGY LTD., NEW DELHI

In the result, C.O is allowed for statistical purpose

Bench: Shri B. R. R. Kumar

losses and unabsorbed depreciation. Accordingly, the Assessing Officer did not allowed set off brought forward business losses and unabsorbed depreciation