PENINSULA LAND LIMITED Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) Heard both sides. Rule. By consent rule made returnable forthwith and parties heard for final disposal.

(2.) This is a Writ Petition filed by Peninsula Land Limited (hereinafter referred to as the "petitioner") seeking to quash and set aside the orders dated 22.2.2007 and 7.9.2007 passed by the respondents under Sections 154 and 264 of the Act respectively for the assessment year 1994-95 in so far as they deny the petitioner's right to set-off unabsorbed depreciation.

(3.) The facts of the case as set out by the petitioner in his petition are as follows :-