TMI Blog2012 (7) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... oneous and prejudicial to the interest of the revenue, and an order cannot be treated as erroneous as long as the Assessing Officer has taken a possible view of the matter even though, according to the Commissioner, the view so taken is not the correct view of the matter. Bearing in mind all these factors, as also entirety of the case, we find the impugned revision order unsustainable in law, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bed depreciation could be set off against the profits and gains of the business or professions or any other income of the assessment year 1997-98 or it could be carried forward and set off against the income of the next seven assessment years. So, the unabsorbed depreciation of the assessment years 1997-98 and 1998-99 could be carried forward and set off against the income of the assessment year 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e case law, the judicial view will take it s own time in reaching a finality but for now, we are bound by first amendment which prescribes that set off of unabsorbed depreciation of the years 1997-98 and 1998-99, beyond the assessment years 2004-05 and 2005-06 respectively . The Assessing Officer was, accordingly, directed to withdraw the unabsorbed depreciation of ₹ 59,34,549/- and ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... guard the interests of the revenue. This power can only be exercised when order sought to be revised is erroneous and prejudicial to the interest of the revenue, and an order cannot be treated as erroneous as long as the Assessing Officer has taken a possible view of the matter even though, according to the Commissioner, the view so taken is not the correct view of the matter. Bearing in mind all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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