2017 (1) TMI 1528

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....see had set-off unabsorbed depreciation to the tune of Rs. 5236.11 lakhs, for AYs 1991-92 to 1996-97. After notice was issued under Section 143(2) of the Act, the scrutiny assessment was framed, accepting 'NIL' income. The impugned reassessment notice reads as follows:- " Reason recorded for re-assessment for AY 2008-09 regarding. Reference: - Your letter dated 05.05.2015 XXXXXXX XXXXXX XXXXXX "The assessment of M/s. Whirlpool of India Ltd. for the assessment year 2008-09 was completed after scrutiny in November 2012 determining an income of Rs.NIL after adjusting brought forward business and unabsorbed depreciation loss of Rs. 26341.83 lakhs. It is found that out of total brought forward losses of Rs. 38800.02 lakhs (Rs.35462.74 la....

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.... not be claimed, in respect of past assessments, when the depreciation occasioned first prior to the amendment which was brought into force on 01.04.2002 to Section 32(2) of the Act. In so saying, the petitioner relies upon the Gujarat High Court ruling in General Motors India Private Limited Vs. Commissioner of Income Tax [2013] 354 ITR 244. This decision was apparently followed by a later judgment of the Gujarat High Court and of the Bombay High Court. In addition, it is also argued that the AO's determination shows that he did not apply his mind to the facts correctly while dealing with depreciation claims. 4. The Revenue, on the other hand, submits that the reopening of assessment was occasioned by an audit objection and contends that ....