2022 (7) TMI 121

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....taining to Assessment Year (A.Y) 2009-10. 2. The Registry has marked the appeal as delayed by 32 days having been filed on 03/06/2020.We have however noted that due to the pandemic of Covid-19, the limitation prescribed for filing appeals was extended till further orders' by the Hon'ble Supreme Court vide its order dated 23/03/2020 in Suo Moto Writ Petition (Civil) No.(s) 3/2020.And the same was ultimately extended upto 28th February 2022 in M.A No.21 of 2022 dated 10th January 2022. Therefore, there is no delay as such in the filing of the appeal. 3. Grounds raised by the Revenue reads as under: I. Whether the Ld. CIT(A) has erred in allowing the unabsorbed depreciation of Rs. 643.33 lakhs pertaining to the A.Y. 2000-01 and ....

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....learly stated that the unabsorbed depreciation of A.Y. 2000-01 & 2001-02 should also be allowed to be carried forward in the future years as part of current depreciation brought forward in accordance with the provisions of Section 32(2) of the Act. The relevant portion of the ld. CIT(A) at para 7 is as under: 7. Ground No.2 of the appeal raised by the appellant against the AO restricting the carry forward of unabsorbed depreciation by an amount of Rs.643.33 lakh that pertained to A.Y.2000-01 & 2001-02 vide its order u/s.143(3)/154 dated 29.01.2016 as against earlier allowing the same in its order u/s.143(3). The submission of the appellant is considered. In view of the provisions of law as well as the judgement of the Hon'ble G....

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.... on 1st day of April 2002 (A.Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. And once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of depreciation from A,Y," 1997-98 upto the A.Y, 2001-$2 got carried forward fa the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever." (emphasis mine)" 7.1 Since the issue is squarely covered by the decision of the Hon'ble jurisdictional High Court, the same is deci....