2017 (4) TMI 173

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....parkar, AR ORDER Per Pradip Kumar Kedia, AM The captioned appeal by the Revenue is directed against the order of the Commissioner of Income Tax(Appeals)-Gandhinagar [CIT(A) in short] dated 05/09/2013 for the Assessment Year (AY) 2007-08. 2. The Revenue has agitated the action of the CIT(A) in allowing the assessee's claim of accumulated unabsorbed depreciation for AYs 2001-02 to 2003-0....

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....ision. Section 32 by legal fiction treats the unabsorbed depreciation allowances of the earlier years as forming part of the depreciation allowance of the current year and it requires the authorities functioning under the Act to deal with it as such. Sub-section (2) of section 32 is in two parts and provides for two things. Its first part provides for carry forward of unabsorbed depreciation and i....