TMI Blog2016 (1) TMI 1346X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 - GUJARAT HIGH COURT] - Decided in favour of assessee. Addition u/s 14A - Held that:- AO has not considered the supportive documents placed on record specifically entries at page No. 5 & 8 of the paper book. Having regard to the facts and circumstances of the case as well as concurring with the principles laid down in the case of Garware Wall Ropes Ltd. (2015 (2) TMI 628 - ITAT MUMBAI) we are of the considered opinion that the matter deserves to be remanded back to the file of the Assessing Officer for analyzing and consideration of the paper book - I.T.A. No. 09/Mum/2013, I.T.A. No. 356/Mum/2013 - - - Dated:- 29-1-2016 - Shri D. Karunakara Rao (AM) Shri Sandeep Gosain (JM) Assessee by : Shri Ajay R. Singh Department by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , as this depreciation pertained to the years prior to amendment brought in by the Finance Act 2001 effective from A.Y. 2002-03. It was explained that the restriction imposed for eight years carry forward w.e.f. 1.04.997 will not apply since w.e.f. A.Y. 2002-03, unabsorbed depreciation of the earlier years can be treated as current year's depreciation and can be carried forward indefinitely. However, the AO was of the view that the view as taken by the assessee is not acceptable since the issue has already been decided in favour of the revenue by the ITAT Special Bench decision rendered in the case of Times Guarantee Ltd 4 ITR (Trib) 2010. Following principles aid down by this decision the Assessing Officer disallowed the unabsorbed dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness loss of A.Y. 2000-01 in the assessment order which is contrary to the reasoning as mentioned in the assessment order. A rectification application painting out the above mistake is pending, where the assessee has no objection to the same for having been rectified which has been filed on 31.0.2012. 6. Learned Departmental Representative supported the orders passed by the Assessing Officer. 7. We have considered the rival submissions and perused the material available on record. We find that the learned CIT(A) has discussed the issue in great detailed and gave his findings as per para 3.3, which reads as under :- I have considered the facts and perused the material on record. It is seen that section 32(2) has been amended by F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ril, 2002 (A.Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001 and once Circular NO.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y. 1997-98 to 2001-02 got carried forward to the A.Y. 2002-03 and became a part thereof, it came to be governed by the provisions of section 32(2) as amended by Finance Act, 2001 and were available for carry forward set off against the profits and gums of subsequent years without any limit whatsoever. Since the decision of Hon'ble High Court is latest one specified decision relied by the AO therefore respectfully following t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The ld CIT(A) erred in confirming the disallowance of administrative expenditure of ₹ 8.06 lacs, without appreciating that for receiving dividend income of ₹ 33,750/- which is directly credited electronically in bank account, there cannot be a disallowance of ₹ 8.06 lacs. II. Treating interest income of ₹ 1,26,16,434/- as income from other sources 4. The learned CIT(A) erred in treating the interest income earned from fixed deposits and Inter corporate deposits as income from other sources without appreciating that these commercial assets were utilised for advancing the business activity of assessee and not for earning interest income per se. More so when the same has been accepted as business income in the ear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Learned AR further prayed that the matter may be remanded back to the file of the Assessing Officer for considering the documents placed on record. 14. Learned DR supported the orders passed by the Assessing Officer as well as learned CIT(A). 15. We have considered the rival submissions and carefully perused the material placed on record as well as judicial pronouncement relied upon by learned AR. We find that the Assessing Officer has not considered the supportive documents placed on record specifically entries at page No. 5 8 of the paper book. Having regard to the facts and circumstances of the case as well as concurring with the principles laid down in the case of Garware Wall Ropes Ltd.(supra), we are of the considered opini ..... X X X X Extracts X X X X X X X X Extracts X X X X
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