TMI Blog2018 (8) TMI 521X X X X Extracts X X X X X X X X Extracts X X X X ..... old that any unabsorbed depreciation which is available on 1st day of April, 2001 would be dealt with in accordance with the provisions of Section 32(2) of the Act as amended by the Finance Act of 2001. Moreover, the Circular No.14 of 2001 issued by the CBDT clarifies that restriction of eight years to carry forward and set off the unabsorbed depreciation has been dispensed with. Consequently, unabsorbed depreciation for the intervening periods between assessment 1997-98 upto 2001-02, if available in the assessment year 2002-03 would be allowable as part of carried forward depreciation from Assessment Year 2002-03 onwards - decided against revenue - Income Tax Appeal No. 293 of 2016 - - - Dated:- 3-8-2018 - M.S. SANKLECHA, SANDEEP K. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner of Income-Tax-8 Vs. M/s. Confidence Petroleum India Ltd. (Income Tax Appeal No. 582 of 2014), both of which were admitted on similar questions of law on 24th February, 2017 and 3rd April, 2017 respectively. 5. However, this Appeal alongwith other Appeals including the Appeal in Milton Private Ltd. (supra) and Confidence Petroleum (I) Ltd. (supra), are kept today for final disposal. Therefore, the order at the stage of admission will not govern the decision to be taken at the final disposal. We pointed out to Mr. Pinto that, the issue raised herein stood concluded so far as this Court is concerned by its decision in Commissioner of Income-Tax-1, Mumbai V/s. M/s. Hindustan Unilever Ltd. 394 ITR 73. The above decision plac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entical questions raised by the Revenue was dismissed on 20th February, 2018. In this also, the Counsel for the Revenue fairly conceded that the issue stands covered by the decision of this Court in Hindustan Unilever (supra). 7. On the aforesaid decision being pointed out, Mr. Pinto, submits that all these appeals be referred to a larger Bench as there are two contradictory views of this Court, one in the case of Hindustan Unilever (supra) and others taking one view and the other in the case of Miltons Private Limited (supra) and Confidence Petroleum (supra). The two orders are not comparable. One is at the time of admission and the other is, finally disposing of the appeal. The decision in Hindustan Unilver (supra) finally disposed off ..... X X X X Extracts X X X X X X X X Extracts X X X X
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