The Commissioner of Income-tax, Bangalore / The Commissioner of Income-tax-I, Bangalore v. Infosys BPO Ltd
|The Commissioner of Income-tax, Bangalore / The Commissioner of Income-tax-I, Bangalore
|Infosys BPO Ltd.
|HIGH COURT OF KARNATAKA
|Date of Order
|brought forward depreciation • prejudicial to the interest • erroneous and prejudicial • computing deduction • set off
|Mr.T.Suryanarayana, learned counsel for the respondent. These appeals under Section 260-A of the Income Tax Act, 1961 have been filed by the revenue which were admitted by a Bench of this Court vide order dated 4 04.02.2013 in ITA No.280/2012 and 15.01.2013 in ITA No.279/2012 on the following substantial questions of law: a) Whether the Tribunal was correct in holding that the order passed u/s. 263 of the Act is not correct as the Assessing Officer has applied his mind while passing the order of assessment, without taking into consideration that the Assessing Officer has not set off the unabsorbed brought forward depreciation from total income for computing deduction u/s.10A of the Act b) Whether the Tribunal was correct in not taking into consideration that the non-set off of unabsorbed brought forward depreciation against the total income for computing deduction u/s.10A of the Act, was contrary to the provisions of section 10A and hence the order of assessment was erroneous and prejudicial to the interest of the revenue and hence invoking of section 263 was in accordance with law 5 3. When the matter was taken up today, learned counsel for the parties jointly submitted that the substantial questions of law involved in these appeals have been answered against the revenue by the Supreme Court in COMMISSIONER OF INCOME-TAX Vs. YOKOGAWA INDIA LTD. 77 TAXMANN.COM 41. In view of the aforesaid submission and in view of the aforesaid enunciation of law, the substantial questions of law are answered against the revenue and in favour of the assessee.