2004 (3) TMI 19

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....- The following question has been referred to the High Court pursuant to the order dated December 20, 2000, in T.C.P. No. 204 of 1999: "Whether, on the facts and in the circumstances of the case and on a proper interpretation of the provisions of section 43(6) read with Explanations 2A and 3, the Tribunal was right in law in holding that the written down value of the transferred assets of the a....

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....0 and 1970-71 and carry forward of unabsorbed depreciation relating to 1970-71 and 1971-72 pertaining to the aforesaid M/s. Blue Mountain Estates Ltd., in the income of the assessee-company. In the appeal filed by the assessee-company, the said order was confirmed. While allowing the second appeal, the Tribunal directed the Assessing Officer to consider the claim of allowance of carry forward of d....

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.... acquired before the previous year, the actual cost to the assessee less all depreciation actually allowed to him under this Act, or under the Indian Income-tax Act, 1922 (11 of 1922), or any Act repealed by that Act, or under any executive orders issued when the Indian Income-tax Act, 1886 (2 of 1886), was in force: .... Explanation 2A.- Where, in a scheme of amalgamation, any capital asset is....

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....ion reported in CIT v. Hindustan Petroleum Corporation Ltd. [1991] 187 ITR 1. It was held by the Bombay High Court that the written down value of the assets would be the actual cost of the assets to the assessee less depreciation actually allowed to the company. Any unabsorbed depreciation which was not set off for carry forward could not be taken into account. With respect, we are in complete agr....