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TMI Blog2014 (5) TMI 1027X X X X Extracts X X X X X X X X Extracts X X X X ..... vi, Advocate For the Respondent : Shri Vasanth Kumar, IRS, CIT ORDER Dr. O. K. Narayanan (Vice-President).- This appeal filed by the assessee relates to the assessment year 2007-08. The appeal is directed against the order of the Commissioner of Income-tax (Appeals) at Tiruchirapalli, passed on December 30, 2013. The appeal arises out of the assessment completed under section 143(3) read with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eligible to be carried forward beyond a period of eight assessment years. In the light of the reply filed by the assessee, the proposed rectification was dropped. 4. Thereafter, the Assessing Officer issued a notice under section 148 and completed the assessment under section 143(3) read with section 147 of the Income-tax Act, 1961, withdrawing a sum of Rs. 13,71,60,209 from the unabsorbed deprec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the old position that unabsorbed depreciation becomes the current depreciation under section 32(2) and therefore eligible for carry forward and set off without any limitation, was restored by the amendment brought in with effect from the assessment year 2002-03. 8. Therefore, it is to be seen that wherever unabsorbed depreciation was not allowed to be set off against the profits arising after the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... direct the Assessing Officer to redetermine the unabsorbed depreciation eligible for carry forward and set off in the above lines. 10. As the appeal is decided on merit of the issue, we are not inclined to examine the ground raised by the assessee regarding the justification of issuing notice under section 148 and subsequently, completing the assessment under section 147/143(3). 11. In the resu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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