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TMI Blog2015 (5) TMI 186X X X X Extracts X X X X X X X X Extracts X X X X ..... t the claim of set off of carried forward "unabsorbed depreciation" - Decided against Revenue. - I.T.A. No.2642 /Del/2013 - - - Dated:- 25-3-2015 - SHRI G.C. GUPTA AND SHRI T.S. KAPOOR, JJ. For The Appellant : Shri Piyush Kaushik, Adv. For The Respondent : Shri P Dam Kanunjha, Sr. DR ORDER PER T.S. KAPOOR, AM: This is an appeal filed by Revenue against the order of Ld. CIT(A) dated 21.12.2011. The only grievance raised by Revenue was against action by Ld. CIT(A) by which he has allowed claim of brought forward of unabsorbed depreciation. 2. At the outset, the Ld. D.R. invited our attention to assessment order and submitted that the assessee had already exhausted the carry forward losses and moreover, there was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he High Court has answered the question saying that when section 79 speaks of loss, it does not include unabsorbed depreciation or unabsorbed development rebate. We agree with the High Court. 5. Ld. CIT(A) has already looked into the case law relied by assessee and for the sake of convenience, findings of Ld. CIT(A) are reproduced below: 4. Before the undersigned the appellant has submitted: The assessee has thus claimed set off from brought forward unabsorbed depreciation only as noted by the AO itself in its order. The year wise details of unabsorbed depreciation of ₹ 6,236,736/- were duly stated in the Return of Income being in record of the AO. Computation forming part of Return of Income for A.Y. 2009-10 enclosed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;ble Supreme Court in the case of CIT Vs Subhulaxmi Mills Ltd. 249 ITR 795 SC (pages 17-18 paper book): The Hon'ble Supreme Court in this case very clearly held as under: So far as question No. 2 is concerned, the question is whether in applying section 79 of the Act, only the business loss should be taken into account and not the unabsorbed depreciation or unabsorbed development rebate. The High Court has answered the question saying that when section 79 speaks of loss, it does not include unabsorbed depreciation or unabsorbed development rebate. We agree with the High Court . 5. The records of the appellant for A.Y. 2009-10 were called for. From the record, it is seen that in the computation of total income filed by the appell ..... X X X X Extracts X X X X X X X X Extracts X X X X
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