TMI Blog2020 (9) TMI 198X X X X Extracts X X X X X X X X Extracts X X X X ..... on pertaining to the A.Yrs. 1997-98 and 1998-99. Set off of brought forward losses, which was set off by the assessee and rectified by the AO in his order u/s.154 - AO categorically observed that as per records there was no brought forward loss available for set off against the current year s income. Such a finding has not been controverted by the assessee either before the ld. CIT(A) or the Tribunal. In fact, the ld. AR candidly admitted the stand point of the Revenue on this score - amount of set off of brought forward loss claimed by the assessee in its return which was wrongfully allowed in the original assessment, was not admissible and has rightly been rectified u/s.154 of the Act. - Decided partly in favour of assessee. - ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 32(2) of the Act. On being show caused, the assessee submitted that the claim of the assessee for unabsorbed depreciation was eligible in view of the judgment of Hon ble Gujarat High Court and that of the Mumbai Tribunal, as noted in the order. After considering the objections of the assessee, the AO observed that there were two points for consideration. The first point was as to whether there was any carry forward loss available for set off against the income of the current year and second, whether the unabsorbed depreciation relating to A.Yrs. 1997-98 and 1998-99 could be allowed to be carried forward for set off against the income for the year under consideration in the light of section 32(2) of the Act. As regards the first poi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee. Similar view has been reiterated in CIT Vs. Gujarat Themis Biosyn Ltd. (2014) 105 DTR 72 (Guj.). In view of the above position, it is clear that the Hon ble Gujarat High Court has decided similar issue, as obtaining in the facts of the instant case, in favour of the assessee. That being the position, no rectification u/s. 154 could have been done qua the unabsorbed depreciation pertaining to the A.Yrs. 1997-98 and 1998-99 totaling ₹ 1,70,61,242/-. 4. As regards the claim of the assessee for set off of brought forward losses, which was set off by the assessee and rectified by the AO in his order u/s.154, the AO categorically observed that as per records there was no brought forward loss available for set off agai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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