2023 (12) TMI 644

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....Shri S.K. Tulsiyan, Advocate For the Respondent : Shri Subramanian, S., Jt. CIT(DR)(ITAT), Bangalore. ORDER PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER This appeal is filed by the assessee against the DIN & Order No.ITBA/NFAC/S/250/2023-24/1055178731(1) dated 17.08.2023 of the CIT(Appeals), National Faceless Appeal Centre, Delhi [NFAC], for the AY 2016-17 on the following grounds:- ....

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....46,05,287/- and income from other source of Rs. 1,74,36,319/-. While processing the return , the CPC allowed the set off against LTCG but did not allow set off of brought forward unabsorbed depreciation against income from other sources of Rs. 1,74,36,319. The assessee filed objections before the CPC on 21.03.2017 and the CPC passed the order on 04.12.2018. Thereafter, assessee filed rectification....

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....ghtly rejected the rectification application of the assessee. Accordingly, the order passed by the CIT(Appeals) should be reversed. 5. On the other hand, the ld. AR for the assessee reiterated the submissions made before the CIT(Appeals) and further stated the objection filed before CPC was on 21.03.2017 stating that "U/s 32(2) it has been clearly mentioned that Unabsorbed Depreciation becomes ....

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.... from income from other sources and allowed set off from LTCG income of Rs. 3,46,05,287/-. The assessee filed objections before the CPC which was disposed on 04.12.2018. Thereafter, assessee filed rectification application u/s. 154 on 26.09.2022 before the AO, which was rejected as time barred by limitation. On appeal, the CIT(Appeals) has held as follows :- "5. I have carefully considere....