TMI Blog2018 (1) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... B. Income Tax Appeal No. 131 / 2017 - - - Dated:- 5-12-2017 - K. S. Jhaveri And Vijay Kumar Vyas, JJ. For the Appellant : Ms. Parinitoo Jain For the Respondent : Mr. V.P Gupta with Mr. P.K. Kasliwal ORDER 1. By way of this appeal, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has rejected the appeal of the Department as well as cross-objection of the assessee. 2. This Court while admitting the appeal on 25.07.2017 framed following substantial question of law:- Whether the Tribunal was legally justified in allowing the set off of unabsorbed depreciation of ₹ 6,03,67,470/- pertaining to A.Y. 1997-98 against the income of A.Y. 2007-08 which is beyond eight years imm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year : (b)if the unabsorbed depreciation allowance cannot be wholly so set However, the same was amended w.e.f. 01.04.2002 which reads as under:- (2) Where, in the assessment of the assesee, full effect cannot be given to any allowance under sub-section (1) in any previous year, owing to their being no profits or gains chargeable for that previous year, or owing to the profits or gains chargeable being less that the allowance, then subject to the provisions of He contended that amended provisions will become effective after the depreciation which is required to be claimed after 2002. Therefore, she contended that the Tribunal has seriously committed error. She has contended that the view taken by the Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Themis Biosyn Ltd. Tax Appeal No.3 of 2014 decided on 24.02.2014. 3. Sahkari Khand Udyog Mandal Ltd. v. ACIT (2015) 370 ITR 107 (Guj.) 4. Gujarat Eco Textile Park Ltd. v. ACIT (2015) 372 ITR 584 (Guj.) 5. CIT v. Hindustan Unilever Ltd. (2017) 394 ITR 73 (Mom) 6. CIT v. Arch Fine Chemicals Pvt. ITA No.1621/2014 decided on 06.03.2017 by Bombay High Court. 6A. CIT v. Gujarat Siddhee Cement Ltd., ITA No.695/2006 decided on 15.06.2017 Gujarat High Court. 7. T.S. Balaram, ITO v. Volkart Brothers Ors. (1971) 82 ITR 50 (SC) 8. CIT v. Historic Resort Hotels, ITA No.17/2012 decided on 09.05.2012 Rajasthan High Court. 9. CIT v. Shaw Wallace and Co. Ltd. (1993) 199 ITR 105 (Cal.) We have heard ..... X X X X Extracts X X X X X X X X Extracts X X X X
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