IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME TAX APPLICATION NO.13 OF 2002 INCOME TAX APPLICATION NO.13 OF 2002 INCOME TAX APPLICATION NO.13 OF 2002 The Commissioner of Income tax ..Applicant. V/s. M/s.G.Vardan Pvt. Ltd. ..Respondent. Mr.A.N.Kotangle for applicant. None for respondent. CORAM : DR. S.RADHAKRISHNAN AND CORAM : DR. S.RADHAKRISHNAN AND CORAM : DR. S.RADHAKRISHNAN AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 29TH JANUARY, 2007. DATED : 29TH JANUARY, 2007. DATED : 29TH JANUARY, 2007. P.C. :- P.C. :- P.C. :- Heard learned counsel for the applicant. In the above application, following substantial question of law is sought to be raised. " Whether on the facts and in the circumstances of the case, the Tribunal was right in law in allowing assessee’s claim for set off of unabsorbed depreciation against the income under the head capital gains even though the relevant business is no longer in existance ? 2. The Tribunal has relied on the Judgment of this Court in the case of Commissioner of Income Tax, Commissioner of Income Tax, Commissioner of Income Tax, Bombay City II V/s. Estate & Finance Ltd. Bombay City II V/s. Estate & Finance Ltd. Bombay City II V/s. Estate & Finance Ltd. reported in 111 I.T.R. 199 111 I.T.R. 199 111 I.T.R. 199. In view of the decision since issue is already covered in favour of the assessee by the aforesaid Judgment of our High Court, no substantial question of law arises. Hence application is dismissed. (DR.S.RADHAKRISHNAN, J.) (DR.S.RADHAKRISHNAN, J.) (DR.S.RADHAKRISHNAN, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.) (J.P. DEVADHAR, J.)