COMMISSIONER OF INCOME TAX, HYD. vs. M/S. P.J. CHEMICALS LTD

In the result, we affirm the judgments of the High Courts which have

6 The assessee has come now up in appeal. 8. The pronouncements of the various High Courts on this point indicate a sharp divergence of judicial opinion. The High Courts of Allahabad, Andhra Pradesh, Bombay, Calcutta, Gauhati, Gujarat, Karnataka, Kerala, Madras, Madhya Pradesh, Orissa and Rajasthan have taken a view upholding the assessees’ claim. (See ; Lucknow Producers Co-opera-tive

COMMISSIONER OF INCOME TAX vs. UNITED PROVINCES ELECTRIC SUPPLY CO

In the result, appeal is allowed

depreciable assets as has been done by the I.T.O. He submitted that balancing charge has to be calculated with respect of each individual asset. In support of his contention, he referred to the decision of this Court in C.I.T., Gujarat vs. Artex Manufacturing Co., http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 7 of 10 {(1997) 6

M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

depreciation as in sub-Paragraph (vii) above, the Appellant was assessed at a loss of Rs. 11,02,255.00 (Rs. 69,15,757.00) \026 Rs. 80,18,012.00 = - Rs. 11,02,255.00) In this manner, the carry-forward loss of Rs. 15,53,487.72 originally claimed by the appellant was reduced to Rs. 11,02,225.00. By order dated