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2019 (11) TMI 1342 - ITAT AHMEDABADSet-Off of brought forward unabsorbed depreciation against income from other sources and/or capital gains - CIT-A allowed the claim - HELD THAT:- We find that the order of the CIT(A) is inconsonance with the decision of the Hon’ble Supreme Court in the case of CIT vs. Virmani Industries Pvt. Ltd. [1995 (10) TMI 1 - SUPREME COURT] and General Motors India P. Ltd. vs. DCIT [2012 (8) TMI 714 - GUJARAT HIGH COURT] . The Hon’ble Gujarat High Court in CIT vs. Gujarat Themis Biosyn Ltd. [2014 (5) TMI 194 - GUJARAT HIGH COURT] has also expressed the view that claim of the assessee for carry forward of unabsorbed depreciation was to be allowed to be carried forward to the succeeding assessment years without any fetters of limitation of 8 years placed as per erstwhile provisions of Section 32(2) of the Act. The CIT(A) in our view has rightly reversed the action of the AO and directed him to allow the set off of unabsorbed depreciation allowance carried forward from earlier years against ‘income from other sources’ after necessary verifications of quantum of brought forward unabsorbed depreciation. We see no error in the order of the CIT(A). - Decided against revenue
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