The Commissioner of Income-tax-II, Ludhiana v. National Auto Roadline Carriers - 2017-LL-0509-54

Citation	2017-LL-0509-54
Appellant Name	The Commissioner of Income-tax-II, Ludhiana
Respondent Name	National Auto Roadline Carriers
Court	HIGH COURT OF PUNJAB & HARYANA
Relevant Act	Income-tax
Date of Order	09/05/2017
Assessment Year	2004-05
Judgment	View Judgment
Keyword Tags	unabsorbed depreciation • capital gain • set off
Bot Summary:	Mr. S.K. Mukhi, Advocate for the respondent-assessee. Ajay Kumar Mittal, J. The Revenue has filed the present appeal under Section 260-A of the Income Tax Act, 1961 against the order dated 30.04.2009 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B' in ITA No.562/Chd/2008, for the assessment year 2004-05, claiming the following substantial question of law: Whether on the facts and in law, the Hon'ble ITAT was justified in dismissing the appeal of the Revenue and upholding the order of CIT(A) by holding that brought forward unabsorbed depreciation can be set off against the income of the current year under any head including income under the head short term capital gain ignoring the provisions of section 32(2) read with Section 72(2) and 73(3) of the Income Tax Act, 1961 2. At the outset, learned counsel for the assessee submitted that the Assessing Officer under Section 154 of the Act has passed an order 1 of 2 ::: Downloaded on - 02-06-2017 10:11:17 ::: ITA No.377 of 2010 -2- dated 08.07.2016 in respect of unabsorbed depreciation for the earlier years. A copy of the said order has been produced before us. In the light of the aforesaid, it was urged by the learned counsel for the respondent-assessee that it would be appropriate that the order of the Tribunal is set aside and the matter is remitted back to the Assessing Officer to decide the issue regarding unabsorbed depreciation in the current year 2004-05 in accordance with law. Learned counsel for the Revenue has no objection to the aforesaid proposal of the learned counsel for the respondent. Order dated 30.04.2009 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'B' in ITA No.562/Chd/2008 is set aside and the matter is remitted back to the Assessing Officer, who shall decide the issue of unabsorbed depreciation relating to the year 2004-05 afresh after affording an opportunity of hearing to the assessee.

IN HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA No.377 of 2010 (O&M) Date of Decision: 09.05.2017 Commissioner of Income Tax-II, Ludhiana ----Appellant Versus M/s National Auto Roadline Carriers ----Respondent Coram: Hon'ble Mr. Justice Ajay Kumar Mittal Hon'ble Mr. Justice Harinder Singh Sidhu Present: Mr. Z.S. Klar, Advocate for appellant-Revenue. Mr. S.K. Mukhi, Advocate for respondent-assessee. Ajay Kumar Mittal, J. Revenue has filed present appeal under Section 260-A of Income Tax Act, 1961 (for short 'the Act') against order dated 30.04.2009 passed by Income Tax Appellate Tribunal, Chandigarh Bench 'B' in ITA No.562/Chd/2008, for assessment year 2004-05, claiming following substantial question of law: Whether on facts and in law, Hon'ble ITAT was justified in dismissing appeal of Revenue and upholding order of CIT(A) by holding that brought forward unabsorbed depreciation can be set off against income of current year under any head including income under head short term capital gain ignoring provisions of section 32(2) read with Section 72(2) and 73(3) of Income Tax Act, 1961? 2. At outset, learned counsel for assessee submitted that Assessing Officer under Section 154 of Act has passed order 1 of 2 ::: Downloaded on - 02-06-2017 10:11:17 ::: ITA No.377 of 2010 (O&M) -2- dated 08.07.2016 in respect of unabsorbed depreciation for earlier years. copy of said order has been produced before us. same is taken on record. 3. In light of aforesaid, it was urged by learned counsel for respondent-assessee that it would be appropriate that order of Tribunal is set aside and matter is remitted back to Assessing Officer to decide issue regarding unabsorbed depreciation in current year 2004-05 in accordance with law. Learned counsel for Revenue has no objection to aforesaid proposal of learned counsel for respondent. Ordered accordingly. 4. As result,, present appeal is disposed of. Order dated 30.04.2009 passed by Income Tax Appellate Tribunal, Chandigarh Bench 'B' in ITA No.562/Chd/2008 is set aside and matter is remitted back to Assessing Officer, who shall decide issue of unabsorbed depreciation relating to year 2004-05 afresh after affording opportunity of hearing to assessee. (Ajay Kumar Mittal) Judge (Harinder Singh Sidhu) Judge 09.05.2017 Atul Whether speaking/ reasoned: Yes/No Whether Reportable: Yes/No 2 of 2 ::: Downloaded on - 02-06-2017 10:11:18 ::: Commissioner of Income-tax-II, Ludhiana v. National Auto Roadline Carrier

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