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TMI Blog2016 (6) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue involved in this appeal of revenue is as against the order of CIT(A) in allowing the carry forward of unabsorbed depreciation. For this, revenue has raised following grounds: "1. That on the facts and circumstances of the case, Ld. CIT(Appeal) was not justified in allowing the carry forward of unabsorbed depreciation for the AY. 1994-95 to 1999- 2000 amounting Rs. 23,58,69,982/- without appreciating the observation put forward by the Assessing Officer. 2. That on the facts and circumstances of the case, Ld. CIT(Appeal) was not justified in allowing the carry forward of unabsorbed depreciation for the AY. 1994-95 to 1999- 2000 amounting Rs. 23,58,69,982/- in view of the amendment by the Finance Act, 2001 with effect from 01.04.2002 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee's own case for AYs 2004-05 and 2005-06 in ITA Nos. 815 & 816/Kol/2013 dated 11.05.2016. 6. We have heard rival submissions and perused the material available on record. We find that the issue under appeal is squarely covered by the order of this Tribunal, supra wherein it was held that - 16. Before CIT(A) the Assessee relied on the decision of the Gujarat High Court in the case of.General Motors India Pvt. Ltd. -vs.- DCIT (Guj.) (2013) 354 ITR 244 (Guj.) wherein, the Hon'ble Gujarat High Court has held that unabsorbed depreciation from AY. 1997-98 up to AY. 2001-02 got carried forward to AY. 2002-03 and became part thereof and it came to be governed by the provisions of sec. 32(2) as amended by the Finance Act, 2001 and were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any set time limit. 18. Reference was further made to the decision of the Hon'ble Jurisdictional Tribunal in the case of Bengal Tea & Fabrics Limited (ITA No 467/koll2012) dated 26th July, 2012 for the AY 2008-09, wherein the question arose as to whether in view of the amended provisions of section 32(2) of the Act the assessee would be entitled to set off the unabsorbed depreciation for the AYs 1997-98 and 1998-99 against the income of the AY 2008-09 (i.e. beyond assessment years 2004-05/2005-06). The Hon'ble Kolkata Tribunal after analyzing and accepting the principles of the decisions of the Hon'ble Karnataka High Court in the case of Karnataka Cooperative Milk producers Federation Ltd. -vs.- DC IT (2011) 53 DTR 81 (Kar) a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as submitted a copy of the order of the jurisdictional Hon'ble Kolkata Tribunal in the case of Bengal Tea & Fabrics Ltd. Vs. DClT Cir-4, Kolkata (ITA No. 467/Kol/2012 dt. 26-07-2012) wherein the Tribunal has categorically given its finding that the assessee company would be entitled to set off unabsorbed depreciation .or the A.Ys. 1997-98, 1998-99 against the income of A.Y. 2008-09 (i.e. beyond the A.Ys.2004-05/2005-06). The Hon'ble Kolkata Tribunal has also discussed, analyzed and accepted the principles of the decisions of Hon'ble Karnataka High Court in the case of Karnataka Cooperative Milk Producers Federations Ltd. Vs. DClT 53 DTR 81 (Karnataka) on the same issue. I have considered the finding of the A.O. in the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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