COMMISSIONER OF INCOME TAX Vs. SYNERGY MULTIBASE LTD.

JUDGEMENT

(1.) BY way of filing this appeal under Section 260A of the Income -tax Act, 1961 the Commissioner of Income -tax, Valsad had challenged the judgment/order dated 16th June 2006 passed by the Income -tax Appellate Tribunal, Ahmedabad Bench in ITA No. 580/Ahd/2002.

(2.) THE brief facts, shorn of unnecessary details for the purpose of disposal of this appeals, are that the assessee in Tax Appeal No. 821 of 2007 filed return of income on 29th November 1996 declaring loss of Rs. 32,95,074/ -. The assessment under Section 143(3) of the Income Tax Act was completed and the Assessing Officer determined the loss at Rs. 1,65,52,578/ - by including the depreciation of Rs. 1,32,57,504/ - though the assessee had not claimed the depreciation.

(3.) WE have heard Mr. Sudhir Mehta, learned advocate for the Revenue and Mr. Bandish S. Soparkar for the respondent.