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TMI Blog2014 (1) TMI 867X X X X Extracts X X X X X X X X Extracts X X X X ..... sorbed depreciation in the subsequent AYs would be NIL as no amount of depreciation for the AY 2000-01 to 2005-06 is added in the figure of unabsorbed depreciation being carried forward from AY. 1999-2000 onwards – thus, the amount which could have been deducted in accordance with the provisions of Clause (iii) of Explanation 1 to Section 115JB is un- absorbed depreciation or un-absorbed business loss which ever is less, the amount of depreciation being less i.e., NIL is deductible for arriving at book profits for the AY. 2005-06 - the treatment given by the AO to unabsorbed depreciation while determining book profits u/s 115JB for the AY. 2005-06 accepted – Decided against Assessee. - I.T.A. No. 1552/Mds/2009 - - - Dated:- 25-6-2013 - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income for the Assessment Year (AY) 2005-06 on 29-10-2005 declaring its income to be 'NIL' under regular computation. Under MAT provisions, the book profit was determined at Rs. 52,91,48,582/-. The case of the assessee was selected for scrutiny and notice u/s. 143(2) of the Income Tax Act, 1961 (herein after referred to as 'the Act') was issued to the assessee on 31-03-2006. While computing book profits under MAT provisions, the assessee claimed un-absorbed depreciation of Rs. 2,81,50,988/-. The Assessing Officer while computing book profits u/s. 115JB, added back un- absorbed depreciation. According to the Assessing Officer, the assessee has already claimed aforementioned unabsorbed depreciation in the AY. 2001-02. The Assessing Officer f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive at the book profit in accordance with the provisions of Section 115JB. As regards the proceedings in the matters for AY. 2002-03, which was remitted back to the Assessing Officer by the Tribunal in ITA No. 1786/Mds/2005, the ld. AR submitted that the Assessing Officer has again rejected the claim of the assessee and the assessee is in appeal. 6. On the other hand, Shri Arun C. Bharat, representing the department strongly supported the orders of the authorities below and prayed for the dismissal of appeal of the assessee. 7. We have heard the submissions made by the representatives of both the sides and have perused the orders of the authorities below. A perusal of the work sheet which has been placed on record by the ld. AR of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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