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2016 (3) TMI 532 - ITAT PUNE

2016 (3) TMI 532 - ITAT PUNE - TMI - Revision u/s 263 - CIT(A) held that limitation of 8 years for carry forward and set off would no longer apply to the unabsorbed depreciation that arose during A.Y. 1997-98 to 2001-02 - Held that:- As decided in assessee's own case relating to assessment year 2007-08 the AO has simply followed the order of his predecessor giving effect to the quantum of brought forward loss to be set off from the income of the current year. Therefore, the order for the impugne .....

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ed in the order passed u/s.143(3) dated 31-12-2008 for A.Y. 2006-07 and since the AO has simply followed that order while giving set off of unabsorbed depreciation loss for the A.Y. 2007-08, therefore, the order in our opinion cannot be said to be erroneous. Therefore, the twin conditions are not satisfied. Under these circumstances, we are of the considered opinion that it is not a fit case for assuming jurisdiction u/s.263 of the I.T. Act. We accordingly cancel the order passed u/s.263. - Deci .....

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ing grounds of appeal :- "1. Whether on the facts and circumstances of the case and in law the Ld. CIT(A) was justified in holding that limitation of 8 years for carry forward and set off would no longer apply to the unabsorbed depreciation that arose during A.Y. 1997-98 to 2001-02, when Section 32(2) of the Act as applicable during the period 1997 to 2002 does not provide for a mechanism to add the unabsorbed depreciation to the allowance u/s 32(1) of the following previous year and there .....

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e was selected for scrutiny and order under section 143(3) was passed on 23.12.2009 on a total loss of ₹ 86,61,76,064/-. Subsequently, it was noticed that unabsorbed depreciation for A.Y. 1997-98 to 2001-02 amounting to ₹ 87,08,64,394/- was wrongly allowed. Accordingly, the order passed under section 143(3) was set-aside under section 263 of the Act. Thereafter, order under section 143(3) r.w.s. 263 of the Act was passed on 30.07.2012, in which brought forward depreciation for A.Ys. .....

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ch resulted in fresh assessment proceedings and present appeal for adjudication consequent thereto has been cancelled by the Pune Bench of the Tribunal in assessee s own case vide ITA No.1044/PN/2012 relating to assessment year 2007-08, order dated 29.01.2015. Accordingly, the assessment order of the Assessing Officer and the appellate order of the CIT(A) against which the Revenue is in appeal before us does not survive and is rendered nonest. 7. We notice that the Pune Bench of the Tribunal in .....

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s. We find the Ld.CIT invoked jurisdiction u/s.263 on the ground that the AO in the order passed u/s.143(3) has allowed excess set off of unabsorbed depreciation to the extent of ₹ 87,08,64,394/- for A.Y. 2007-08. According to Ld. CIT, the unabsorbed depreciation pertaining to the A.Yrs. 1974-75 to 1996-97 cannot be carried forward more than 8 years, i.e. beyond A.Y. 2004-05 in this case. We find the order u/s.143(3) has been passed for A.Y. 2006-07 determining the unabsorbed depreciation .....

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