9911796707
TMI Blog2016 (6) TMI 1424X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment year 2008-09. As pointed out by the learned assessee s Representative before the learned Assessing Officer which is extracted hereinabove. Assessing Officer had made the addition only on the ground that the aforesaid decisions were not accepted by the Department and they are in appeal before higher judicial forum. This view of the learned Assessing Officer is not appreciable. Therefore, following the above mentioned decisions and taking note of section 71(2) of the Act, we hereby direct the learned Assessing Officer to allow the claim of set off carry forward of depreciation against the long term capital gain of the assessee in the relevant assessment year. - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... n on 26.02.2008 declaring income of ₹ 57,35,87,615/-. Subsequently the case was selected for scrutiny and the assessment was completed under section 143(3) of the Act on 19.12.2008 assessing the long term capital gain at ₹ 60,34,20,510/-. Thereafter, the learned Assessing Officer once again reopened the assessment by issue of notice under section 148 of the Act to the assessee on 28.03.2013. During the course of the relevant assessment proceedings, the learned Assessing Officer noticed that the assessee in its computation statement had set off unabsorbed depreciation pertaining to the assessment years 1998-99 to 2003-04 against the long term capital gain. Since the carried forward of depreciation loss could be set off only upto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T in which the Hon'ble tribunal has "respectfully followed the order of Hon'ble Gujarat High Court cited supra, rejected the submission of Id DR and allowed the ground of the appeal of the assessee." 5. On appeal, the learned Commissioner of Income Tax (Appeals) following the decision of the Hon'ble Gujarat High Court in the case of General Motors India Ltd. Vs. DCIT reported in 257 CTR 123 directed the learned Assessing Officer to allow the claim of the assessee, against which the Revenue is in appeal before us. 6. At the outset, we find that the issue is squarely covered by the decision of the Mumbai Special Bench in the case of DCIT Vs. Times Guaranty Ltd.(2010) reported in 4 ITR (Trib 2010), the Hon'ble High Court of Gujarat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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