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2022 (1) TMI 369 - AT - Income TaxRectification of mistake u/s 154 - limitation period - HELD THAT:- No order can be made after the expiry of four years from the end of the Financial Year in which orders sought to be amended was passed. In this case, the Assessing Officer sought to amend the order dated 25/3/2013. Hence, the limitation would start from 1/4/2014 and would expire on 31st March, 2017. However, impugned order is dated 16/3/2016. Therefore, the grounds of the assessee are devoid of any merit. Hence, dismissed. Disallowance of depreciation - setting off of unabsorbed depreciation as claimed denied - HELD THAT:- We find that the Ld. CIT(A) has relied upon the judgment of the Special Bench of this Tribunal in the case of DCIT VS. Times Guaranty Ltd[2010 (6) TMI 516 - ITAT, MUMBAI] However, the Hon'ble Madras High Court has ruled in favour of the assessee in the case of CIT Vs. Tamil Nadu Small Industries Corporation Ltd. [2021 (7) TMI 849 - MADRAS HIGH COURT] Therefore, respectfully, following the judgment of the Hon'ble Madras High Court in the case of CIT Vs. Tamil Nadu Small Industries Corporation Ltd. We hereby direct the Assessing Officer to delete the disallowance and allow setting off of unabsorbed depreciation as claimed by the assessee.
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