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ITR/4/1999 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
INCOME
TAX REFERENCE No. 4 of 1999
======================================
COMMISSIONER
OF INCOME TAX - Applicant(s)
Versus
PERFECT
COLOURANTS & PLASTIC PLTD. - Respondent(s)
======================================
Appearance :
MR
MANISH R BHATT for Applicant(s) : 1,
SERVED BY RPAD - (N) for
Respondent(s) : 1,
======================================
CORAM
:
HONOURABLE
THE ACTING CHIEF JUSTICE Y.R.MEENA
and
HONOURABLE
MR.JUSTICE A.S.DAVE
Date
: 13/11/2006
ORAL
ORDER
The
following question has been referred for the opinion of this Court.
?SWhether
on the facts and in the circumstances of the case and on the
interpretation of provisions of Section 115-J(1A) (iv) of the I.T.
Act, the ITAT was legally correct in holding that assessee would be
eligible to reduce its books profit by carry forward of losses and
unabsorbed depreciation in relation to the subsidiary company both
together instead of either of the two items as provided in the
section ???
In
spite of service of notice, none appeared for the assessee.
Heard
learned counsel for the Revenue.
Similar
issue has been considered by Their Lordships in the case of V.V.
Trans Investments and others v. C.I.T., 237 ITR 777. Their Lordships
have set aside the judgment of the Andhra Pradesh High Court and
allowed the appeal of the assessee. Following the view taken by Their
Lordships in the case of V.V. Trans Investments and others v. C.I.T.
(Supra), we answer the reference in favour of the assessee and
against the revenue.
Reference
stands disposed of accordingly.
(
Y.R.MEENA, Actg.C.J. )
(
A. S. DAVE, J. )
kailash
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