TaxTMI 
TaxTMI 
2006 (7) TMI 254
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....pted to modify the order of the assessment made under s. 143(3) of the Act dt. 20th March, 1997 read with his order dt. 1st May, 2000 passed under s. 154 of the Act for the asst. yr. 1996-97. In the assessment finalized earlier, the AO had allowed the assessee set off of the earlier unabsorbed depreciation and losses amounting to Rs. 35,79,113, but as there was no sufficient income in the asst. yr. 1996-97, a portion of it was also allowed to be carried forward. It would be relevant to note here that brought forward unabsorbed depreciation of Rs. 35,79,113 corresponded to various assessment years starting from the asst. yr. 1985-86 and inclusive of and upto the assessment year immediately preceding i.e. 1995-96. The AO in the impugned' orde....
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....nbsp; --------- 21,53,641 3. Against the aforesaid, the plea of the assessee, as advanced before the lower authorities as well as before us can be understood in the following lines. According to the assessee, the unabsorbed losses and depreciation for each of the assessment years starting from 1984-85 and upto and including the....
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.... it with that determined by the AO in the impugned order passed under s. 154 dt. 30th March, 2001. On the basis of the aforesaid, the CIT(A) has arrived at a factual finding that the losses purported to be withdrawn by the AO by way at impugned order pertain to the asst. yrs. 1985-86, 1987-88, 1992-93. That such rectification for that assessment year had become time-barred and thus the impugned order was cancelled. Against the aforesaid, the Department is presently in appeal before us. 5. The learned Departmental Representative has attempted to defend the order of the AO on the ground that the CIT(A) has merely proceeded on the basis that the proceedings have become time-barred whereas if the issue was considered on the merits, the recti....