The Commissioner Of Income Tax – 10, Mumbai v. M/S.ganesh Polychem Limited, Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2302 OF 2011 The Commissioner of Income Tax – 10, Mumbai..Appellant. Versus M/s.Ganesh Polychem Limited, Mumbai..Respondent. Mr.Suresh Kumar for the appellant.Mr.Rahul Hakani with Mr.Ajay R Singh for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 28[th] February 2013 P.C. : 1.In this appeal by the Revenue for assessment year 2007-08, following question of law has been formulated for our consideration. “Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in holding that the brought forward unabsorbed depreciation and losses of the unit, the income of which is not eligible for deduction under Section 10B of the Act cannot be set off against the current profit of the eligible unit for computing the deduction under Section 10B of the Act ?” 2.Counsel for the parties state that the issue arising in the present appeal stands concluded in favour of the assessee and against the Revenue by the decision of this Court in the respondent – assessee's own case being Income Tax Appeal (L) No.2083 of 2012 rendered on 25[th] February 2013. 3.In view of the above, we see no reason to entertain the proposed question of law. Accordingly, the appeal is dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)