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2018 (6) TMI 444 - AT - Income TaxAssessment u/s 153A - Unabsorbed depreciation - Disallowance on account of carry forward loss - Held that:- Unabsorbed depreciation should be allowed to be carried forward since it is not covered by the limitation of sec 80 but it is governed u/s 32(2) - thus CIT(A) has rightly directed the AO to verify the claim of depreciation of ₹ 40,35,877/- and allow set off in the next/subsequent years, which does not need any interference on our part - CIT(A) has rightly directed the AO to verify the claim of depreciation of ₹ 40,35,877/- and allow set off in the next/subsequent years, which does not need any interference on our par- appeal of Revenue is dismissed. Assessment u/s 153A - Carry forward of business loss - Held that:- When the AO has accepted the revised return filed by the assessee u/s 153A, no occasion arises to refer to the previous return filed u/s 139 - thus respectfully following the decisions of Hon’ble Delhi High Court decision in the case Commissioner of Income-tax-19 Vs Neeraj Jindal [2017 (2) TMI 1002 - DELHI HIGH COURT] we find merit in assessee’s submissions that u/s. 153A return is deemed to be return u/s 139(1) and that restrictive provisions of section 80 do not apply to this case - thus AO is directed to allow the claim of carry forward of business loss of assessee - Cross Objection is decided in favour of the assessee.
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