2016 (8) TMI 1206

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.... MR.P.DUDHORIA, ADVOCATE FOR APPELLANT MR.ANANDA SEN, MR.ANURAN SAMANTA, ADVOCATES FOR RESPONDENT JUDGEMENT The appeal is directed against a judgment and order dated 4th December, 2015 delivered by the Income Tax Appellate Tribunal, "C" Bench, Kolkata in ITA No. 802/Kol/2013 pertaining to the assessment year 2007-08 by which an appeal preferred by the revenue was dismissed. The aggrieve....

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....ate Limited reported in (2013) 354 ITR 244 issued the following direction:- "The A.O. is further directed to allow to carry forward the unabsorbed depreciation for A.Ys. 1997-98 to 1999-2000 to be set off against business income in subsequent years beyond the limit of eight years after proper verifications in accordance with the provisions of the Income-tax Act, 1961. The A.O. is also ....

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....in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. And once the Circular No. 14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y.1997-98 upto A.Y. 2001-02 got carried forward to the assessment year 2002- 03 and became part thereof, it came to be g....