TaxTMI 
TaxTMI 
2011 (2) TMI 150
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....l, Advocate for the respondent. AJAY KUMAR MITTAL, J. The paper-book of this case has not been received from the concerned Branch as the same is said to have burnt in the fire incident that took place in the premises of this Court on the night of 30th January, 2011. Learned counsel for the appellant has made available two copies of paper-book to the Court for reconstruction of the file. The said....
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....97 despite closure of business by the assessee." 4. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the assessee filed return for the assessment year 2001-02 on 30.10.2001 declaring a loss of Rs. 7,22,67,400/- which was said to be mainly on account of claim of unabsorbed depreciation/ brought forward losses. The assessing officer while finalizing the assessment....
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....ons of Section 32(2) of the Act as amended by Finance (No.2) Act, 1996 and applicable w.e.f. 1.4.1997. The Commissioner of Incometax (Appeals) {in short "the CIT(A)"}, however, on an appeal being carried out by the assessee allowed setting off of the income from unabsorbed deprecation vide order dated 4.11.2004. The Tribunal by the order appealed against herein confirmed the order passed by the CI....
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....ious year relevant for that assessment year." 8. The effect of omission of the aforesaid proviso was enumerated by the Central Board of Direct Taxes, vide circular No. 794 dated 9.8.2000 [(2000) 245 ITR (Statute)] 21 that the unabsorbed depreciation allowance could be set off against the income under any other head even where the business was not carried on. Clause 22 of the said circular which i....