TMI Blog2007 (11) TMI 285X X X X Extracts X X X X X X X X Extracts X X X X ..... llant. JUDGMENT The judgment of the court was delivered by K. RAVIRAJA PANDIAN J. - The appeal is filed against the order of the Income-tax Appellate Tribunal Madras "B" Bench dated 7.3.2007, made in I. T. A. No.896/Mds/2003 for the assessment year 2000-01. 2. The brief facts of the case, as culled out from the statement of facts, stated in the memorandum of appeal are as follows: 3. The assessee-company is engaged in the business of packing and printing. For the assessment year 2000-01, the assessee filed its return of income on 30.11.2000, declaring nil income. A notice under section 148 of the Income-tax Act, 1961, was issued on 13.9.2002. The return filed on 30.11.2000 was considered as the return filed in response ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed by the Revenue by filing the present appeal by formulating the following question of law. "Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in remitting back the matter to the file of the Assessing Officer for verification, even though the law laid down by clear and unambiguous words in section 32(2), is applicable to the assessment year 2000-01?" 4. We heard the argument of the learned counsel for the Revenue and perused the materials on record. 5 . We are not able to see any illegality or irregularity in the order of the Tribunal, as contended by the learned senior standing counsel for the Revenue. As per the amended provisions of section 32(2) of the Act, with eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was removed. The period available for absorbing the unabsorbed depreciation against the profit of the succeeding years was limited to eight years. The clarification of the Finance Minister in the Parliament is also to the effect that inasmuch as the cumulated unabsorbed depreciation brought forward as on 01.04.1997 could still be set off against the taxable business profit or income under any other head for the assessment year 1997-98 and seven subsequent years vide [1996] 222 ITR (St.) 36. Circular of the Central Board of Direct Taxes No.762, dated 18.02.1998 ([1998] 230 ITR (St.) 12) also clarifies the issue to the following effect: (page 27): "Sub-section (2) of section 32, as it existed up to the assessment year 1996-97, provided that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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