The Commissioner Of Income Tax-Ii, Ludhiana v. M/S National Auto Roadline Carriers

IN THE HIGH COURT OF PUNJAB AND HARYANA.AT CHANDIGARH ITA No.377 of 2010 (O&M)Date of Decision: 09.05.2017 The Commissioner of Income Tax-II, Ludhiana ----Appellant Versus M/s National Auto Roadline Carriers ----Respondent Coram:Hon'ble Mr. Justice Ajay Kumar MittalHon'ble Mr. Justice Harinder Singh Sidhu Present:Mr. Z.S. Klar, Advocatefor the appellant-Revenue. Mr. S.K. Mukhi, Advocatefor the respondent-assessee.33333 Ajay Kumar Mittal, J. The Revenue has filed the present appeal under Section 260-Aof the Income Tax Act, 1961 (for short ‘the Act’) against the order dated30.04.2009 passed by the Income Tax Appellate Tribunal, ChandigarhBench ‘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'bleITAT was justified in dismissing the appeal of theRevenue and upholding the order of CIT(A) by holdingthat brought forward unabsorbed depreciation can be setoff against the income of the current year under any headincluding income under the head short term capital gainignoring the provisions of section 32(2) read withsection 72(2) and 73(3) of the Income Tax Act, 19612” ITA No.377 of 2010 (O&M) dated 08.07.2016 in respect of unabsorbed depreciation for the earlier years.A copy of the said order has been produced betore us. The same is taken onrecord. 3)In the light of the aforesaid, it was urged by the learned counselfor the respondent-assessee that it would be appropriate that the order of theTribunal is set aside and the matter is remitted back to the Assessing Officerto decide the issue regarding unabsorbed depreciation in the current year2004-05 in accordance with law. [earned counsel for the Revenue has noobjection to the aforesaid proposal of the learned counsel for therespondent. Ordered accordingly. 4 As a result,, the present appeal is disposed of. Order dated30.04.2009 passed by the Income Tax Appellate Tribunal, ChandigarhBench 'B' in [TA No.562/Chd/2008 1s set aside and the matter is remittedback to the Assessing Officer, who shall decide the issue of unabsorbeddepreciation relating to the year 2004-05 afresh after affording anopportunity of hearing to the assessee, (Ajay Kumar Mittal)Judge (Harinder Singh Sidhu)Judge 09.05.2017Atul Whether speaking/ reasoned; Whether Reportable: Yes/NoYes/No