TMI Blog2011 (2) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... ed against the Revenue and the appeal is consequently dismissed. - 92 of 2007 - - - Dated:- 11-2-2011 - MR. JUSTICE ADARSH KUMAR GOEL, MR. JUSTICE AJAY KUMAR MITTAL, JJ. Mr. K.K. Mehta, Standing Counsel for the appellant-Revenue. Mr. D.K. Goyal, Advocate for the respondent. AJAY KUMAR MITTAL, J. The paper-book of this case has not been received from the concerned Branch as the same is said to have burnt in the fire incident that took place in the premises of this Court on the night of 30th January, 2011. Learned counsel for the appellant has made available two copies of paper-book to the Court for reconstruction of the file. The said copies are taken on record and paper-book of this appeal be treated as having been recon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessing officer noticed that the business being carried out by the assessee had been closed and no business related activities were carried out during the year under reference. The assessing officer for this reason did not allow the assessee to adjust the non-business income out of the brought-forward unabsorbed depreciation of Rs. 2,94,38,438/-, relevant to the assessment year 1996-97 in view of the provisions of Section 32(2) of the Act as amended by Finance (No.2) Act, 1996 and applicable w.e.f. 1.4.1997. The Commissioner of Incometax (Appeals) {in short the CIT(A) }, however, on an appeal being carried out by the assessee allowed setting off of the income from unabsorbed deprecation vide order dated 4.11.2004. The Tribunal by the o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forward unabsorbed depreciation is allowed to be set off against profits and gains of business or profession of the subsequent year, subject to the condition that the business or profession for which depreciation allowance was originally computed continued to be carried on in that year. A similar condition in section 72 for the purpose of carry forward and set off of unabsorbed business loss was removed last year. 22.2 With a view to harmonise the provisions relating carry forward and set off of unabsorbed depreciation and unabsorbed loss, the Act has dispensed with the condition of continuance of same business for the purpose of carry forward and set off of unabsorbed depreciation. 22.3 This amendment will take effect from Ist April, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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