TMI Blog2017 (5) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... mited's case (2012 (8) TMI 714 - GUJARAT HIGH COURT ), the court is of the opinion that the view taken is sound and an added factor inhibited the Revenue from reopening the assessment. The benefit of carrying forward the depreciation was, in one sense, limited by the pre-existing ruling that can be done for eight years. All that amendment did with effect from April 1, 2002 was to remove the cap wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e completed assessment for the assessment year (AY) 2010-11. 2. In the return filed on October 1, 2010, the concerned assessment years, the petitioner/assessee had set off unabsorbed depreciation to the tune of ₹ 8,76,43,790, of the assessment year 2001-02. After notice was issued under section 143(2) of the Act, the scrutiny assessment was framed, accepting nil income. The impugned rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T v. Kelvinator of India Ltd. [2010] 320 ITR 561 (SC). It is submitted that besides the reassessment notice is also unsustainable because it proceeds on the understanding that set off of unabsorbed depreciation could not be claimed, in respect of past assessments, when the depreciation occasioned first prior to the amendment which was brought into force on April 1, 2002 to section 32(2) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as conclusive as any other precedent can be as to the considerations that can weigh with the Revenue for validly reopening any concluded assessment that the assessee had claimed a set off in terms of the then existing section 32(2) of the Act in 2010-11 is not a disputed fact. The view taken by the Assessing Officer, apparently quite correctly in the light of the subsequent ruling of the Gujarat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dment did with effect from April 1, 2002 was to remove the cap which meant that the previously limited benefit was now not subjected to such restrictions. 7. In the light of the foregoing discussion, the impugned notice cannot be sustained. It is hereby quashed along with all proceedings emanating therefrom. The writ petition is allowed in the above terms. The application bearing CM No. 11601 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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