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2021 (1) TMI 296 - HC - Income TaxAssessment u/s 153C - Unabsorbed depreciation - whether eligible for set off against any income of the appellant - HELD THAT:- The Hon'ble Supreme Court, in the Judgment reported in Commissioner of Income tax v. Bajaj Hindustan Ltd [2019 (1) TMI 1843 - SC ORDER] held that unabsorbed depreciation pertaining to the assessment year 1997-98 to 2001-02 can be carry forward and adjusted after the lapse of eight assessment years in view of the section 32(2) as amended by the Finance Act, 2001. Appellant also submitted that the 3rd questions of law raised in the present Tax Case Appeal is covered by the above decisions of the Hon'ble Apex Court and the Division Benches of this court, hence, the Tax Case Appeal should be allowed. In view of the submissions made by the learned counsel on either side, following the Judgments passed by the Hon'ble Apex Court and the Division Benches of this court, the order passed by the Income Tax Appellate Tribunal is liable to be set aside. Accordingly, the same is set aside. The 3rd question of law is decided in favour of the appellant.
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