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2015 (1) TMI 572 - AT - Income TaxCarry forward and set off of brought forward business losses and unabsorbed depreciation – Held that:- CIT (A) has correctly held the assessee company to be entitled to carry forward its losses only from AY 2001-02, while the losses for earlier years are not so entitled - the unabsorbed depreciation has also been correctly allowed to be carried forward by the CIT (A) holding the provisions of Section 32 (2) of the Act, rather than those of Section 79, to be applicable. Expenses under VRS disallowed – Expenses on spares, stores and tools consumed by the assessee - Held that:- At no stage either during assessment proceedings or during remand proceedings or during appellate proceedings the amount of claim got verified by any authority and, therefore, this issue also needed to go back to the AO who, on the basis of documents to be submitted by the assessee needed to arrive at the amount of claim and, further, needed to verify as to how the two claims made by the assesse were different – Decided in favour of assessee.
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