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2019 (8) TMI 463

..... on of this Court in the case of General Motors India Pvt. Ltd. vs. Dy CIT [2012 (8) TMI 714 - GUJARAT HIGH COURT], held that any unabsorbed depreciation available to an assessee on 1st day of April 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 were available for carry forward and set off against the profits and gains o .....

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..... assed by the Income Tax Appellate Tribunal, Surat Bench, Surat, dated 25.05.2018 in the ITA No.3015/Ahd/2015 for the Assessment Year 2007-08. 2. The Revenue has proposed the following substantial question of law for the consideration of this Court : (a) Whether in the facts and circumstances of the case, the learned ITAT has erred in law in allowing carry forward of unabsorbed depreciation for the .....

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..... 3, in the case of Pr. C.I.T. vs. General Motors India Pvt. Ltd. has kept the question of law on this issue and hence the issue involved has not attained finality ? 3. The questions of law as proposed by the Revenue are no longer res integra in view of the decision of this Court in the case of General Motors India Pvt. Ltd. vs. Deputy Commissioner of Income-Tax reported in [2013] 354 ITR 244 (Guj.) .....

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..... d only till then, the assessee was eligible to claim unabsorbed depreciation of the assessment year 1997-98 for being carried forward and set off against the income for the assessment year 2005-06. But the assessee was not entitled for unabsorbed depreciation of ₹ 43,60,22,158/- for the assessment year 1997-98, which was not eligible for being carried forward and set off against the income f .....

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