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2014 (6) TMI 439 - ITAT MUMBAIAllowability of unabsorbed depreciation of amalgamating company – Form No. 62 not filed – Statutory requirement under Rule 9C(b) r.w section 72A of the Act – Held that:- The claim of the assessee for the set-off of brought forward losses and unabsorbed depreciation pertaining to the amalgamating company was allowed by the AO in the original assessment completed u/s 143(3) even in the absence of the prescribed form No.62 filed by the assessee – the assessment was set aside by the CIT by exercising his powers u/s 263 and the AO was directed by him to decide this afresh after giving the assessee an opportunity of being heard - availing the opportunity given to it for the first time, the assessee company duly filed the prescribed form No.62 before the AO but the same was overlooked by the AO and the claim of the assessee was disallowed by him - CIT(A) took cognizance of the form and allowed the claim of the assessee – Relying upon Commissioner Of Income-Tax Versus Shivanand Electronics [1993 (9) TMI 30 - BOMBAY High Court] - filing of form is only directory and not mandatory – thus, there was no infirmity in the order of CIT(A) allowing the claim of the assessee for the setting off of brought forward losses and unabsorbed depreciation pertaining to the amalgamating company and upholding the same – Decided against Revenue.
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