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TMI Blog1991 (4) TMI 178X X X X Extracts X X X X X X X X Extracts X X X X ..... dd : Depreciation separately considered Rs. 17,153.00 -------------------------- Business Loss Rs. 500.25 -------------------------- Depreciation of Rs. 17,153 is to be carried forward." For assessment year 1987-88 together with return of income the statement of income showed following position :--- "Profit as per Profit/Loss Rs. 26,916 Less : Unabsorbed Depreciation for Assessment year 1986-87 Rs. 17,153 -------------------------- Rs. 8,763 " -------------------------- 3. The assessing officer rejected the claim for unabsorbed depreciation of assessment year 1986-87 observing that the said return was filed on 3-2-1988 as against the due date of 30th June, 1986 and the same was treated as non est under section 139(10) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turn was treated as non est. In this process the assessing officer accepted the position that full effect could not be given to the depreciation allowance of Rs. 17,153 in assessment year 1986-87 and, therefore, requirements of section 32(2) got complied with. This amount of depreciation for assessment year 1986-87 had to be considered under section 32(1) of the Act because of the specific language of section 32(2) of the Act. Therefore, the assessee's claim could not be rejected on the ground taken by the tax authorities. Even otherwise since the claim was made for the depreciation allowance in the current year not only in respect of the current year's depreciation but also in respect of the amount of depreciation for assessment year 1986- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the appellate order by stating that if the language of section 139(10) is found to be plain, though inequitous under certain circumstances yet the assessee could not get the benefit as claimed. Besides language of section 72(1) required that the loss had to be computed under section 29 of the Act and if so computed for assessment year 1986-87 then depreciation for that year had to be considered as part of the business loss and it is an admitted position that because of the belated return the loss was not allowed to be carried forward. 6. With regard to the cases cited by the learned representative of the assessee, the same are gone through and kept in mind in the aforesaid discussion. With regard to the submission of the learned Senior ..... X X X X Extracts X X X X X X X X Extracts X X X X
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