9911796707
TMI Blog2023 (7) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner was disposed of. 2. The reassessment proceeding was triggered against the petitioner, inter alia, for carrying forward unabsorbed business losses and unabsorbed depreciation, and setting them off against income accruing to the petitioner in Assessment Year (AY) 2011-12. 3. It may be relevant to note that while disposing of the petitioner's objections via the aforementioned impugned order dated 20.11.2018, the Assessing Officer (AO) restricted the purported infraction said to have been committed by the petitioner, with regard to unabsorbed depreciation. 4. To be noted, the unabsorbed depreciation which the petitioner concededly set off in the AY in issue is an amount equivalent to Rs. 7,63,79,560/-. The period over which this d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to Section 147 of the Act. 9. In support of his plea that both the steps taken by the petitioner, i.e., the carrying forward of unabsorbed depreciation, and its the setoff, were permissible, Mr Thakkar relied upon the judgment of the Coordinate Bench of this Court in Motor & General Finance Ltd. vs. ITO, 2017 (18) Taxmann.com 14 (Delhi). Reasons and Analysis 10. We may note that notice in this petition was issued as far back as on 12.12.2018. Despite this, the record shows that the respondent/revenue has failed to file a counter-affidavit, up until now. 10.1 Given the fact that more than four (4) years have passed since notice was issued in the petition, we are not inclined to grant, on this count, further time to counsel for the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et off against the taxable income resulting into under assessment of income to that extent. The treatment given by the assessee for adjustment of unabsorbed depreciation u/s 32(2) of I.T. Act, 1961 is not in accordance with the view taken by the Hon'ble Supreme Court in the case of M/s. Peerless General Finance and Investment company Ltd. vide its order dated 08.12.2015. Thus the income of the assessee has been underassessed by an amount of Rs. 7,63,79,560/- and I have reason to believe that this income has escaped assessment for A.Y. 2011-12 and hence, it is proposed to re-assess such income and also any other income which comes to my notice subsequently in the course of the proceedings u/s 147 of I.T. Act, 1961. 11.1 A perusal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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