9911796707
TMI Blog2004 (3) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... ithout reducing therefrom the unabsorbed depreciation relating to earlier years?" - The direction of the Tribunal to adopt the written down value of the transferred assets without reducing the unabsorbed depreciation appears to be justified - We answer the question raised in the affirmative - - - - - Dated:- 15-3-2004 - Judge(s) : A. S. VENKATACHALA MOORTHY., P. K. MISRA. JUDGMENT The judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited companies were amalgamated with the assessee-company. One such company, namely, M/s. Blue Mountain Estates Ltd., had incurred losses. The Assessing Officer completed the assessment under sections 147(b) and 143(3) of the Income-tax Act, 1961, without allowing the claim of carry forward of development rebate, development allowance relating to the assessment year 1969-70, carry forward of busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from M/s. Blue Mountain Estates Ltd., without reducing therefrom the unabsorbed depreciation, giving rise to the present reference. Section 43(6) and Explanations 2A and 3 are quoted hereunder: "43. In sections 28 to 41, and in this section, unless the context otherwise requires,-... (6) 'written down value' means- (a) in the case of assets acquired in the previous year, the actual cost t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation 3.- Any allowance in respect of any depreciation carried forward under sub-section (2) of section 32 shall be deemed to be depreciation 'actually allowed'." In view of the aforesaid provisions, the direction of the Tribunal to adopt the written down value of the transferred assets without reducing the unabsorbed depreciation appears to be justified. A similar question was raised be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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