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2016 (4) TMI 376

Disallowance of depreciation to be carried forward - revision u/s 263 as the issue of unabsorbed depreciation has not been examined by AO as wrongly allowed to be carried forward by the order of AO - Held that:- As decided in the case of General Motors India (P) Ltd. vs. DCIT [2012 (8) TMI 714 - GUJARAT HIGH COURT ] 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 Finan .....

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CIT-DR ORDER Per Waseem Ahmed, Accountant Member This appeal by the assessee against the order of Commissioner of Income Tax (Central-I) Kolkata in appeal No.cit(C-I)/263/JK Lakshmi Cement Ltd./Tech/11-12/Kol/6446-48 dated 27/28.09.2011. Assessment was framed by ACIT,CC-VI, Kolkata u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') vide his order dated 19.11.2009 for assessment year 2007-08. 2. Only issue raised by assessee in its appeal is that Ld. CIT erred i .....

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o 2001-02 have been claimed by assessee. Besides the above, assessee submitted that AO in his order for relevant to AY 2007-08 has already held that unabsorbed depreciation pertaining to assessment year beginning from 1992-93 to 2001-02 for an amount of ₹ 228,77,86,812/- not available to be carried forward. However, assessee has gone in appeal before Ld. CIT(A) against the assessment order which is sub judice. In view of above, assessee submitted that the issue of unabsorbed depreciation w .....

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on accordingly after giving reasonable opportunity of being heard to assessee. 4. Aggrieved, assessee preferred an appeal before us. Shri Siddharth Jhajharia & Shri Sujoy Sen Ld. Authorized Representative appearing on behalf of assessee and Shri Sandeep Chaube, Ld. Departmental Representative appearing on behalf of Revenue. 5. We have heard rival submissions of both the side and perused the materials available on record. Ld. AR submitted paper book which is running from pages 1 to 29 and rel .....

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the provisions of section 32(2) as it stood before the said amendment. Had the intention of the Legislature been to allow the unabsorbed depreciation allowance worked out in A.Y 1997-98 only for eight subsequent assessment years even after the amendment of section 32(2) by Finance Act, 2001 it would have incorporated a provision to that effect. However, it does not contain any such provision. Therefore, the provisions of section 32(2) as amended by Finance Act, 2001 would allow the unabsorbed de .....

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ch succeeding year the unabsorbed depreciation is added to the current depreciation for such succeeding year and is deemed as part thereof. If, however, there is no current depreciation for such succeeding year, the unabsorbed depreciation becomes the depreciation allowance for such succeeding year. Thus 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. .....

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