TMI Blog2019 (2) TMI 1872X X X X Extracts X X X X X X X X Extracts X X X X ..... rried 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. Short term capital gain - Whether ITAT is right in deleting the addition 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? - HELD THAT:- The assessee had sold the land along with the building thereon referred to as SEML property. The assessee had valued the land and the building separately and claimed depreciation on the constructed property. The sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ₹ 6.01 Crores against Long Term Capital Gain. CIT(A) while reversing the decision of the Assessing Officer ( A.O. for short) granted the relief to the assessee referring to the provisions of Section 32(2) of the Income Tax Act, 1961 ( IT Act for short) read with Sections 70, 71 and 72 thereof. CIT (A) also placed reliance on a decision of the Division Bench of the Gujrat High Court in the case of General Motors India (P) Ltd. Vs Deputy Commissioner of Income-tax reported in 354 ITR 24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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 the learned counsel for parties and having perused the documents on record, we do not find any error in the order of the Appellate Tribunal. Gujarat High Court in the case of General Motors India (P) Ltd. (supra) had considered somewhat similar issue, of course in the backdrop of the assessee's challenge to a notice of reopening of the assessment. The Gujarat High Court had held and observed as under - 38 Therefore, it can be said that, current depreciation is de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 law, therefore, arises. 6 Question No.2 relates to the A.O.'s objections to the assessee not offering the entire sale consideration of immovable property to Capital Gain Tax. The assessee had sold the land along with the building thereon referred to as SEML property. The assessee had valued the land and the building separately and claimed depreciation on the constructed property. The sale consideration of ₹ 51.18 Lacs attributed to the building was offered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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