2020 (9) TMI 198

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....e assessee is directed against the order passed by the CIT(A)-5, Pune on 16-08-2016 upholding the order passed by the Assessing Officer (AO) u/s.154 of the Income-tax Act, 1961 (hereinafter also called 'the Act') in relation to the assessment year 2008-09. 2. Briefly stated, the facts of the case are that the assessee declared total income of Rs. 38,30,670/- in its return after setting off unabso....

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....tion 32(2) of the Act. On being show caused, the assessee submitted that the claim of the assessee for unabsorbed depreciation was eligible in view of the judgment of Hon'ble Gujarat High Court and that of the Mumbai Tribunal, as noted in the order. After considering the objections of the assessee, the AO observed that there were two points for consideration. The first point was as to whether ther....

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....ed the rectification order, against which the assessee has approached the Tribunal. 3. We have heard both the sides through Virtual court and gone through the relevant material on record. It is relevant to note that the instant proceedings are u/s.154 of the Act, which implies that even a debatable issue cannot be brought within the ken of this provision. Insofar as the amount of unabsorbed depre....

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....hat the Hon'ble Gujarat High Court has decided similar issue, as obtaining in the facts of the instant case, in favour of the assessee. That being the position, no rectification u/s. 154 could have been done qua the unabsorbed depreciation pertaining to the A.Yrs. 1997-98 and 1998-99 totaling Rs. 1,70,61,242/-. 4. As regards the claim of the assessee for set off of brought forward losses, which w....