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Gujarat Flurochemicals Ltd. Versus Joint Commissioner of Income Tax

2016 (9) TMI 69 - GUJARAT HIGH COURT

Calculation of deduction under Chapter VI-A - Tribunal held that depreciation, whether claimed or not, has to be foisted upon the assessee even prior to insertion of Explanation 5 to S.32 (1) of the Act with effect from 01/04/2002 - Held that:- While deciding the matter, in the case of Seshasayee Paper and Board Ltd. v. Deputy Commissioner of Income-Tax, (2015 (5) TMI 590 - SUPREME COURT ), the Supreme Court observed that once the entire depreciation, namely, the unabsorbed depreciation allowanc .....

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r under Section 32 (1) of the Act taking a position that since unabsorbed depreciation of the previous years is not claimed, it cannot be thrust upon the assessee. - Applying this ratio, in our view, the Tribunal has committed an error while passing the impugned order and it is held that the depreciation, whether claimed or not, cannot be foisted upon the assessee even prior to insertion of Explanation 5 to S.32 (1) of the Act with effect from 01/04/2002, while calculating deduction under C .....

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the Income Tax Appellate Tribunal, Ahmedabad Bench D , Ahmedabad (For short, the Tribunal ) in ITA No.703/Ahd/2000 dated 01.12.2006 for the assessment year 1996-97, whereby the appeal filed by the revenue was allowed. 2. At the time of admitting this Appeal, following question of law was framed:- Whether, in the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that depreciation, whether claimed or not, has to be foisted upon the assessee e .....

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Act. In support of his submission, he relied upon the following decisions and submitted that the issue involved in this appeal is covered by the following decisions. (i) Seshasayee Paper and Board Ltd. v. Deputy Commissioner of Income-Tax, reported in [2015] 374 ITR 619 (SC); (ii) Sakun Polymers Ltd. v. Joint Commissioner of Income-tax (Assessment), reported in [2015] 57 taxmann.com 65 (Gujarat); (iii) Tax Appeal No.93 of 2000 decided on 17.12.2014 by this Court. 4. Mr.Parikh, learned advocate .....

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