TMI Blog2019 (2) TMI 1678X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A) has directed the AO to recompute the set off and carry forward of unabsorbed depreciation accordingly. In response to the notice of hearing, no one has come present on behalf of the assessee. With the assistance of the DR, we have gone through the record. We find that view taken by the ld.CIT(A) is in line with the decision of Hon ble jurisdictional High Court in the case of General ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and on facts in deleting the addition of ₹ 5,17,72,276/- which was added by the AO on account of disallowance of carry forward unabsorbed depreciation. 3. Brief facts of the case are that the assessee has filed its return of income on 1.10.2013 declaring total loss of ₹ 38,22,594/-. The case of the assessee was selected for scrutiny assessment and notice under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... did not concur with the view taken by the AO. He observed that from the Asstt.Year 2002-03 by virtue of amendment in section 32(2), the depreciation on earlier year would become part of the current year, and thereafter it will survive perennially on account of merger with the depreciation for the Asstt.Year 2002-03. In other words, unabsorbed depreciation prior to the Asstt.Year 2002-03 would bec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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