TaxTMI 
TaxTMI 
2014 (1) TMI 867
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....untary retirement sought by the concerned employee on account of turbulent economic conditions in the aluminium industry. Several employees of the assessee-company were also transferred from the plant at Mettur to other group units. By the time new officials took charge of the office and analyzed the pending issues to be done, there was delay in filing of the appeal. 2. We have heard the submissions made by the Authorised Representative (AR) of the assessee. We are satisfied that the delay in filing of the appeal is un-intentional and has occurred for the reasons stated in the application for condonation of delay. In the interest of justice and equity, the delay of 170 days in filing of the appeal is condoned. The appeal is admitted to be ....
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....ns of the Tribunal. Aggrieved against the order of CIT(A), the assessee has come in second appeal before the Tribunal. 5. Shri Ramesh Patodia, C.A., appearing on behalf of the assessee submitted that un-absorbed depreciation has been claimed by the assessee in accordance with Clause (iii) of explanation 1 to Section 115JB(2) of the Act. According to this clause, an amount of loss brought forward or un-absorbed depreciation which ever is less as per the Books of Accounts has to be deducted while computing book profits. The ld. AR placed on record the details (working sheet) of un-absorbed depreciation and business loss under MAT provisions from the AY. 1998-99 to AY. 2005-06. In the working sheet, the AR has bifurcated un-absorbed depreciat....
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....no dispute. The Assessing Officer has categorically stated in his assessment order that the assessee has already claimed un-absorbed depreciation in the earlier AY and the same was allowed. The ld. AR has not been able to controvert the categoric finding of Assessing Officer or give any plausible reason as to why un-absorbed depreciation was carried forward year after year despite the fact that the assessee has been filing return of income under MAT provisions for the earlier AYs. If un-absorbed depreciation has already been allowed in the earlier AYs, the unabsorbed depreciation in the subsequent AYs would be NIL as no amount of depreciation for the AY 2000-01 to 2005-06 is added in the figure of unabsorbed depreciation being carried forwa....