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TMI Blog2023 (12) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent : Shri Subramanian, S., Jt. CIT(DR)(ITAT), Bangalore. ORDER PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER This appeal is filed by the assessee against the DIN & Order No.ITBA/NFAC/S/250/2023-24/1055178731(1) dated 17.08.2023 of the CIT(Appeals), National Faceless Appeal Centre, Delhi [NFAC], for the AY 2016-17 on the following grounds:- "1. The Ld. CIT(A) erred in considering the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9/-. While processing the return , the CPC allowed the set off against LTCG but did not allow set off of brought forward unabsorbed depreciation against income from other sources of Rs. 1,74,36,319. The assessee filed objections before the CPC on 21.03.2017 and the CPC passed the order on 04.12.2018. Thereafter, assessee filed rectification application u/s. 154 before the AO on 26.09.2022 which wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accordingly, the order passed by the CIT(Appeals) should be reversed. 5. On the other hand, the ld. AR for the assessee reiterated the submissions made before the CIT(Appeals) and further stated the objection filed before CPC was on 21.03.2017 stating that "U/s 32(2) it has been clearly mentioned that Unabsorbed Depreciation becomes part of the depreciation of the succeeding Previous year", which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of Rs. 3,46,05,287/-. The assessee filed objections before the CPC which was disposed on 04.12.2018. Thereafter, assessee filed rectification application u/s. 154 on 26.09.2022 before the AO, which was rejected as time barred by limitation. On appeal, the CIT(Appeals) has held as follows :- "5. I have carefully considered the matter. Ground 1 both the appeals is general in nature. Grounds 2 & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dware Industries Ltd. (1995) 80 Taxman 79 (SC), we uphold the order of the CIT(Appeals) that the rectification application filed by the assessee is within time as per section 154(7) of the Act. We further note that the CIT(Appeals) has remitted the issue back to the AO for verifying the claim of assessee of brought forward losses and allow the same. We find no infirmity in the order of the CIT(App ..... X X X X Extracts X X X X X X X X Extracts X X X X
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