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TMI Blog2019 (2) TMI 1872X X X X Extracts X X X X X X X X Extracts X X X X ..... st long term capital gain without properly appreciation the legal provision as laid down by section 71 of the Act as per which brought forward loss cannot be set against income from capital gain? 2) Whether on the facts and in the circumstances of the case, the ITAT is right in deleting the addition of Rs. 58,18,028/- on account of short term capital gain an sale of building without appreciating the fact value of building taken by the AO was clearly mentioned in the sale deed? 2 The respondent - assessee is a private limited company. The issues arise for the Assessment Year ( "A.Y." for short) 2008-09. Question No.1 pertains to the claim of the assessee for setting off of unabsorbed depreciation or prior period amounting to Rs. 6.01 Cror ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, we find no reason to interfere with the order of CIT(A) qua this issue and the same is hereby upheld. We also hold that as per provisions of section 72 of the Act, the unabsorbed business loss ( other than speculative loss) of earlier years shall be allowed to be set off only against the profits and gains from business carried on by the assessee of the current year and so on. We order accordingly. However, our above decision with respect to ground no. (i) and (ii) raised in memo of appeal filed by Revenue should be read in conjunction with and subject to our findings with respect to ground no. (iii) and (iv) which are decided by us in the preceding para's of this order and the computation shall be made accordingly." 4 Having heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see on 1st April, 2002 (asst. yr. 2002-03) will be dealt with in accordance with the provisions of s. 32(2) as amended by Finance Act, 2001. And once the 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 asst, yr. 1997-98 up to the asst. yr. 2001-02 got carried forward to the asst. yr. 2002-03 and became part thereof, it came to be governed by the provisions of s. 32(2) as amended by Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever." 5 This decision is followed in series of Judgments of this Court. No question of l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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