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2014 (4) TMI 429 - AT - Income TaxCondonation of delay Delay of 135 days Held that:- Assessee by the affidavit contended that the first appellate order was served on the erstwhile consultant and there was a change in the assessee company's tax consultant - The assessee, being a dormant company had no turnover in the last 4 years - the company does not have any staff or full time professionals to look into the tax matter thus, the assessee has been prevented by sufficient cause for not filing the appeal Delay condoned. Disallowance u/s 14A of the Act r.w. Rule 8D of the Rules Held that:- The decision in Godrej & Boyce Ltd. Mfg. Co. VS. DCIT [(2010 (8) TMI 77 - BOMBAY HIGH COURT] followed - the disallowance has to be worked out by the AO on some 'reasonable basis' and not rule 8D in so far as the assessment years prior to 2008-09 are concerned as the authorities below have computed the disallowable amount as per rule 8D, such computation cannot be upheld thus, the order is set aside and the matter is remitted back to the AO for fresh consideration Decided in favour of Assessee. Denial of benefit of set off - Unabsorbed depreciation against capital gains Held that:- The decision in M/s Suresh Industries Pvt Ltd Vs ACIT [2012 (11) TMI 674 - ITAT MUMBAI] followed - unabsorbed depreciation can be set off against any income and the brought forward of unabsorbed depreciation is treated as current year's depreciation because of the legal fiction, therefore the treatment given to the current year's depreciation is equally applicable to brought forward depreciation after application of Finance Act, 2001 thus, the AO is directed to allow the set off of unabsorbed depreciation Decided in favour of Assesse.
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