- (1.) Heard Sri Manish Misra, learned counsel for appellant and Sri I.M. Pandey, Advocate for respondent.
(2.) This appeal under Section 260A of Income Tax Act, 1961 (hereinafter referred to as the "Act, 1961") has arisen from judgment and order dated 15.06.2016 passed by Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow (hereinafter referred to as the "Tribunal") in I.T.A. No. 479/LKW/2015 for Assessment Year 2005-06.
(3.) The appeal was admitted on following substantial questions of law: "(1) Whether the Income Tax Appellate Tribunal is justified under the facts and circumstances of the case in upholding that unabsorbed depreciation of earlier years can be set off against the current's year income under the head 'Income from other sources'. (2) Whether the Income Tax Appellate Tribunal is justified in upholding the order of CIT(A) without answering that why not the carried forward unabsorbed depreciation is allowed to be set off against the profits and gains of the business or profession of the subsequent year. When statute (Sec.72) specifically provides for the same.";