Law:

Section:

Section 32, read with section 72A, of the Income-tax Act, 1961 - Depreciation - Unabsorbed depreciation - Whether assessee-company could be said to be entitled to carry forward and set off of unabsorbed depreciation of earlier years where it had sold its undertaking to its holding company during preceding previous year and had ceased to carry on its business during following previous year - Held, yes Section 22 of the Income-tax Act, 1961 - Income from house property - Chargeable as - During assessment proceedings under section 143, ITO brought to tax income from house property on notional basis in respect of certain properties transferred by assessee-company to its holding company - Whether liability to pay tax on income from house property is on person who receives or is entitled to receive income from property in his own right and, therefore, addition on account of house property income was unjustified - Held, yes Section 32A of the Income-tax Act, 1961 - Investment allowance - Whether where assessee-company transferred its unit within 8 years from date on purchase and installation of assets, it was disentitle to carry forward and set off of unabsorbed development rebate and investment allowance - Held, yes EDITOR'S NOTE It was held that while deciding whether interest under section 215 is payable by the assessee or not, what the ITO has to consider is whether the required conditions are satisfied or not, and at this stage he is under no obligation to consider whether interest should be reduced or waived, which question would arise after the aspect of payability of interest is determined. CASES REFERRED TO CIT v. Deepak Textile Industries Ltd. [1987] 168 ITR 773/ 35 Taxman 92 (Guj.), CIT v. Virmani Industries (P.) Ltd. [1995] 216 ITR 607/ 83 Taxman 343 (SC), Central Provinces Manganese Ore Co. Ltd. v. CIT [1986] 160 ITR 961/ 27 Taxman 275 (SC), CIT v.Gordanbhai Jethabhai [1994] 205 ITR 279 (Guj.), Sarabhai Chemicals (P.) Ltd. v. CIT [2002] 121 Taxman 755 (Guj.), CIT v.Sarabhai Chemicals (P.) Ltd. [2002] 254 ITR 625/ 119 Taxman 611 (Guj.), CIT v. Podar Cement (P.) Ltd. [1997] 226 ITR 625/ 92 Taxman 541 (SC), CIT v. Mormasji Mancharji Vaid [2001] 250 ITR 542/…

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