(1.) HEARD learned Counsel for the parties and perused the record.
(2.) THIS appeal has been preferred by the appellant CIT -I, Lucknow under Section of the IT Act, 1961 (hereinafter referred to as the 'Act') challenging the validity and correctness of the judgment and order dt. 31st March, 2003 passed by the Tribunal, Lucknow Bench, Lucknow in ITA No. 769/Luck/2001 for the asst. yr. 1995 -96.
(3.) THE assessee preferred an appeal before the CIT(A). The appellate Court vide its order dt. 1st June, 2001 allowed the deduction under Section to extent of unabsorbed depreciation relating to hotel divisions at Lucknow and Nainital brought forward from earlier years. However, the appellate Court allowed full claim of deduction under Section upholding the order of the AO disallowing the claim of deduction under Sections and .