2013 (11) TMI 1708

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....e Respondent : S. J. Singh ORDER Sanjay Arora (Accountant Member) These are a set of two Appeals by the Assessee agitating the dismissal of its appeal for two consecutive years, being assessment years (A.Y.) 2008-09 and 2009-10, by the Commissioner of Income Tax (Appeals)-41, Mumbai ('CIT(A)' for short) vide his combined order dated 15.09.2011. The appeals raising common issues, were fixe....

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....' hereinafter) to eight years beginning with the year immediately succeeding the year for which the allowance is first computed. Though the relevant provision had been since amended, i.e., by Finance Act, 2001 w.e.f. 01.04.2002, so as to remove the said restriction or limitation qua the period of carry forward (of unabsorbed depreciation), it would apply w.e.f. A.Y. 2002-03 onwards, so that it wou....

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....sentative (AR) during hearing, she would place on record the copy of the decision dated 23.08.2012 by the hon'ble Gujarat high court in the case of General Motors India Pvt. Ltd. vs. Dy. CIT (in Special Civil Appeal No.1773 of 2012), adverting to the relevant part thereof, being paras 30 to 38. The provision of section 32(2) has been since restored, i.e., vide its substitution by Finance Act, 2001....

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....r an indefinite carry forward against the profits and gains for the subsequent years. The writ petition by the assesseepetitioner was accordingly allowed by the hon'ble court. Though the hon'ble court did not have the benefit of the decision by the Special Bench in the case of Times Guaranty Ltd. (supra), rendered by drawing on several decisions by the hon'ble apex court, the matter being legal, t....