2016 (4) TMI 1480

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.... Sr. DR. ORDER PER SHRI KUL BHARAT, JUDICIAL MEMBER : This appeal by the Assessee is directed against the order of the Ld. Commissioner of Income Tax(Appeals)-1, Ahmedabad ['CIT(A)' in short] dated 04/01/2012 pertaining to Assessment Year (AY) 2007-08. The Assessee has raised the following grounds of appeal:- 1.1 The order passed u/s. 263 on 4.1.2012 for A.Y. 2007-08 by CIT, A'ba....

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.... after making enquiry and taking one of the possible views. 3.1. The Ld.CIT has erred in holding that the unabsorbed depreciation amounting to Rs. 1,52,18,528 of A.Y. 1996-97 to 1998-1999 could not be carry forward for more than 8 succeeding years so that the AO could not have allowed the set off in AY 2007-08. 4.1. The Ld.CIT has erred in law and or on facts in construing t....

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....sessing Officer (AO in short) allowed the set off of unabsorbed depreciation amounting to Rs. 1,52,185/- which resulted into under assessment. Accordingly, the ld. CIT issued a notice dated 21/12/2011. The reason for exercising the power u/s. 263 of the Act is stated to be an amendment made under the provisions of section 32(2)(b) of the Act w.e.f. 01/04/1997, whereby the provision was amende....

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....54 ITR 244 (Guj.) which is followed by another Bench of Hon'ble High Court of Gujarat in the case of CIT vs. Gujarat Themis Biosyn Ltd. reported at (2014) 44 taxmann.com 204 (Guj.) and held that carry forward of unabsorbed depreciation concerning impugned assessment years, i.e. 1997-98 to 2001-02 could be set off in subsequent years. Under these facts, he submitted that the order of the AO was nei....