TMI Blog2018 (4) TMI 707X X X X Extracts X X X X X X X X Extracts X X X X ..... ubsequent years, without any limit whatsoever. This view has been adopted by the Hon’ble Delhi High Court in the cases of Motor & General Finance Ltd. vs. ITO (2017 (5) TMI 637 - DELHI HIGH COURT) and Pr. CIT vs. British Motor Car Co. (2018 (1) TMI 547 - DELHI HIGH COURT ). - Decided in favour of assessee. - ITA Nos. 4501 & 4502/Del/2016, CROSS OBJECTION NOS. 45 & 46/Del/2018 - - - Dated:- 10-4-2018 - Shri H. S. Sidhu, Judicial Member And Shri L. P. Sahu, Accountant Member Department by : Sh. Vijay Kr. Jiwani, Sr. DR Assessee by : S/Sh. R.S. Singhvi, Satyajeet Goel Jitendra Nath, CAs ORDER Per H. S. Sidhu, JM The Department has filed these Appeals and Assessee has filed these Cross Objections which are emanate fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. That on the facts and circumstances of the case, the CIT(A) was not justified in confirming reassessment u/s. 148 even though same was not based on recording of proper satisfaction or requisite approval. 2. That the reassessment is merely based on change of opinion and same being after expiry of four years, there is no justification for assuming jurisdiction in the absence of any omission or failure on the part of the assessee in disclosure of requisite information in the context of proviso to sec. 147. 5. The grounds raised in the Assessee s Cross Objection for assessment year 2008-09 read as under:- 1. That on the facts and circumstances of the case, the CIT(A) was not justified in confirming reassessment u/s. 148 even ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d cannot be allowed in AY. 2006-07 onwards. Therefore, income chargeable to tax amounting to ₹ 2,44,90,263/- has escaped assessment within the meaning of provisions. of section 147 of the Income Tax Act. Accordingly, notice u/s 148 of the Income Tax Act was issued on 12.03.2013 after duly recording the reasons leading to the belief that income had escaped assessment. In response to notice issued u/s 148 of the LT. Act, 1961, Senior Manager (Finance) of the company Sh. K.K.Aggarwal vide his letter dated 24.10.2013 filed objections against the reopening of assessment u/s 147 of the I.T. Act,1961. The objections were disposed off through vide order F.No.ITOWard- 3(3)/2013-14/75 dated 09.01.2014. The company vide letter dated 20.03.2013 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1997-98 could be carry forward upto a maximum period of 8 years from the year in which it was first computed and this period expired in 2005-06 and cannot be allowed in AY. 2006-07 onwards. Therefore, income chargeable to tax amounting to ₹ 2,44,90,263/- has escaped assessment within the meaning of provisions of section 147 of the Income Tax Act. Therefore, the setting off unabsorbed depreciation of ₹ 2,44,90,263/- was withdrawn and accordingly, the income of the assessee was assessed at ₹ 1,47,50,530/-. 8. On the contrary, ld. AR of the assessee relied upon the orders of the Ld. CIT(A) and stated that Ld. CIT(A) has passed a well reasoned order which does not need any interference. 9. We have heard both the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ision of the Hon ble Gujarat High Court in the case of M/s General Motors India Pvt. Ltd. vs. DCIT (Supra) and order dated 23.3.2014 passed in Appeal No. 396/14-15 by the CIT(A)-2, New Delhi for AY 2006-07, has rightly decided the similar and identical issue of disallowance of b/f depreciation in favour of the assessee in assessee s own case and directed the AO to allow the set off of b/f depreciation u/s. 32 of the Income Tax Act, 1961 against assessed income, which does not need any interference on our part, hence, we uphold the action of the Ld. CIT(A) on the issue in dispute and reject the ground raised by the Revenue and accordingly, the Revenue s Appeal stands dismissed. ASSESSEE S CROSS OBJECTION (AY 2007-08) 10. As far as Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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