2016 (6) TMI 1424

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.... in ITA No.135 /CIT(A)-6/2013-14 passed under section 143(3) r.w.s 147 & 250(6) of the Act. 2. The Revenue has raised several grounds in its appeals, however, the crux of the issue is as follows:-  " The learned Commissioner of Income Tax (Appeals) has erred in directing the learned Assessing Officer to allow set off and brought forward depreciation loss from the assessment year prior to 2002-03 against long term capital gains of the assessee for the relevant assessment year." 3. In the Cross objection though the assessee has raised three grounds, the crux of the issue is that:- "The learned Commissioner of Income Tax (Appeals) has erred in sustaining the order of the learned Assessing Officer for reopening of a....

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.... 4 ITR (Trib) 2010, we draw the attention of this authority to the decision of the Hon 'ble High Court of 1 the case of General Motors India Ltd vs. DClT (2013) 257 CTR (Guj.) 123 wherein it as follows: Amendment to section 32(2) by the Finance Act 2001 is applicable from AY 2002-03 and subsequent years. This means that any unabsorbed depreciation available to an assessee on 01.04.2002 (Assessment year 2002-03)will be dealt with the provisions of section 32(2) as amended by the Finance Act 2001 and not be the provisions of section 32(2) as it stood before the said amendment. Therefore, unabsorbed depreciation from AY 1997-98 up to 2001-02 got carried forward to the AY 2002-03 became part thereof which came to be governed by the....