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TMI Blog2016 (9) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... of Seshasayee Paper and Board Ltd. v. Deputy Commissioner of Income-Tax, (2015 (5) TMI 590 - SUPREME COURT ), the Supreme Court observed that once the entire depreciation, namely, the unabsorbed depreciation allowance of the previous year gets merged into the depreciation of the current year, it would become an integral part thereof. Legal fiction makes it one whole thereby making it possible for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction under Chapter VI-A of the Act. Accordingly, this appeal is allowed. The question posed for our consideration is answered in favour of the assessee and against the revenue. - Tax Appeal No. 1096 of 2007 - - - Dated:- 26-7-2016 - KS Jhaveri And G. R. Udhwani, JJ. Mr BS Soparkar, Advocate For Mrs Swati Soparkar, Advocate for the Appellant Mr KM Parikh, Advocate for the Opponent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act? 3. Mr.Soparkar, learned advocate for the appellant submitted that the Tribunal has committed an error while passing the impugned order. He submitted that depreciation cannot be foisted upon the assessee even prior to insertion of Explanation 5 to S.32 (1) of the Act with effect from 01/04/2002, while calculating deduction under Chapter VI-A of the Act. In support of his submission, he r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upra), the Supreme Court observed that once the entire depreciation, namely, the unabsorbed depreciation allowance of the previous year gets merged into the depreciation of the current year, it would become an integral part thereof. Legal fiction makes it one whole thereby making it possible for the assessee to claim set-off of unabsorbed carried forward depreciation as well. Once the unabsorbed c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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