Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (8) TMI 807 - AT - Income TaxSet off of brought forward unabsorbed depreciation - Claim denied as assessee’s acceptance of rejection of set off of brought forward depreciation in Asst. Year 2004-05 - HELD THAT:- As one of the reasons for CIT(A) for denying benefit of set off of unabsorbed depreciation was the assessee’s acceptance of rejection of set off of brought forward depreciation in Asst. Year 2004-05 but assessee has now demonstrated before us, that it was allowed this claim in Asst. Year 2004-05 by the ITAT in its order passed [2019 (11) TMI 1342 - ITAT AHMEDABAD]. This basis for the Revenue rejecting the assessee’s claim to set off of unabsorbed depreciation in the present year therefore does not survive. Rejection of the claim of set off on the ground that there is no brought forward unabsorbed depreciation at all - The details submitted by the assessee pertained to the unabsorbed depreciation of each year. As per the details there was no unabsorbed depreciation pertaining to Asst. Year 2002-03 to 2005-06 and that does not mean that earlier year depreciation had all being absorbed. The ld. CIT(A) has mis-appreciated facts of the case, and in view of the same, we hold that the assessee is entitled to claim of unabsorbed brought-forward depreciation to be set off against income from other sources as available during the year. Appeals of the assessee are allowed.
|