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2017 (4) TMI 443 - AT - Income TaxBelated employees contribution to PF - addition as income of the assessee u/s. 2(24)(x) - Held that:- We find that the FAA has directed the AO to verify the records and to delete the addition only after verification. In our opinion, the direction of the FAA is as per law and no appeal should have been filed with regard to the said issue. Accordingly, we decide First Ground of appeal against the AO. Addition u/s 40A(2)(b) - Restricting the remuneration to the Directors -Held that:- We have seen that while making the disallowance, the onus is on the AO and the AO has not brought any material on record as to how the remuneration paid to two Directors are excessive, no comparable on the basis of region cum industry was referred by the AO or by the ld. CIT(A) while restricting the disallowance. Considering the fact that the order of ld. CIT(A) is of non-speaking order, we restore this ground of appeal to the file of ld. CIT(A) to decide the issue afresh Carry-forward of unabsorbed depreciation - Held that:- Any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A.Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001, thus once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y.1997-98 upto the A.Y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever See case of General Motors India Pvt. Ltd [2012 (8) TMI 714 - GUJARAT HIGH COURT] - Decided aganst Revenue.
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