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2022 (6) TMI 116 - AT - Income TaxUnabsorbed depreciation and carry forward of unabsorbed business loss - HELD THAT - We find that the learned Assessing Officer has granted assessee the same in subsequent years and therefore, assessee is not aggrieved with that. Even otherwise, we direct the learned Assessing Officer to determine the carried forward of loss to be set off against subsequent years and up to which assessment year. Further, the unabsorbed depreciation becomes the depreciation of current year in the subsequent year; we do not find any reason to give any direction to the learned Assessing Officer. On both these issues, the assessee has been granted requisite relief without any dispute by the learned Assessing Officer therefore, we do not find that it needs any interference from our side. Accordingly, ground no. 1 of the appeal is dismissed. Short grant of interest under section 244A - Grant of refund till the date of issue of refund - HELD THAT - As relying on Pfizer Limited 1991 (3) TMI 121 - BOMBAY HIGH COURT relying on case of CIT vs. Pfizer Limited we direct the learned Assessing Officer to allow interest up to the date of issue of refund under Section 244A of the Act. Accordingly, ground no. 2 of the appeal is allowed.
Issues:
1. Carry forward of losses claimed by the Appellant. 2. Grant of interest under section 244A of the Act. Analysis: Issue 1: Carry forward of losses claimed by the Appellant The appeal was filed by the appellant, Tata Communications Payment Solutions Limited, against the order passed by the National Faceless Appeal Center (NAFAC) for Assessment Year 2015-16. The appellant raised two grounds of appeal. Firstly, the appellant contended that the learned CIT(A) failed to direct the Assessing Officer to pass a speaking order for allowing the carry forward of unabsorbed depreciation and business loss of earlier years and the current year as per the provisions of Section 32(2) and 72 of the Income Tax Act, 1961. The appellant argued that the order of the Assessing Officer did not make any adjustment to the total income, necessitating a speaking order. However, the Tribunal noted that the Assessing Officer had already granted the carry forward of losses in subsequent years, and the appellant had not been aggrieved by this. Therefore, the Tribunal dismissed ground no. 1 of the appeal. Issue 2: Grant of interest under section 244A of the Act Secondly, the appellant contested the denial of interest under section 244A of the Act on the refund up to the date of the refund cheque by the learned CIT(A). The appellant sought a direction for the re-computation and grant of interest in accordance with the law. The Tribunal, after considering the arguments, found that the issue was in favor of the appellant based on the decisions of the Hon'ble Bombay High Court and the appellant's own case for Assessment Year 1999-2000. Consequently, the Tribunal directed the Assessing Officer to allow interest up to the date of the issue of the refund, thereby allowing ground no. 2 of the appeal. As a result, the appeal filed by the appellant was partly allowed by the Tribunal. In conclusion, the Tribunal's judgment addressed the issues raised by the appellant regarding the carry forward of losses and the grant of interest under section 244A of the Income Tax Act, 1961. The Tribunal provided detailed reasoning for its decision on each issue, considering the arguments presented by both the appellant and the Departmental Representative. The judgment clarified the legal position and directed the Assessing Officer accordingly, resulting in the partial allowance of the appellant's appeal. This comprehensive analysis covers the key issues raised in the judgment, providing a detailed overview of the Tribunal's decision on each matter.
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