Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Jul-31-2006
Reported in : (2007)112TTJ(Chd.)572
..... portion of it was also allowed to be carried forward. it would be relevant to note here that brought forward unabsorbed depreciation of rs. 35,79,113 corresponded to various assessment years starting from the asst. yr. 1985-86 and inclusive of and upto the assessment year immediately preceding i.e.1995-96. the ao ..... asst. yr. 1996-97.2. the only issue in this appeal involves the efficacy or otherwise of an order passed by the ao under section 154 of the it act, 1961 (in short 'the act'), dt. 30th march, 2001 for the asst. yr. 1996-97. the ao has by way of present proceedings attempted to modify the ..... 1.2 of its order has made out a chart showing the computation of loss, unabsorbed depreciation, etc.for various years as determined by the ao in its order dt. 17th april, 1995 and compared it with that determined by the ao in the impugned order passed under section 154 dt. 30th march, 2001. on the ..... concerned, the same has become final inasmuch as it was beyond the power of the ao to rectify the same under section 154 of the act since the time-limit of four years as prescribed under section 154(7) had elapsed. the ao, by doing the present order, has indirectly done what could not be done directly ..... , there is no substance in the appeal of the revenue.undisputedly, the rectification made by the ao by way of the impugned order passed under section 154 of the act has been made with reference to the asst. yr. 1996-97, yet in sum and substance, what is proposed to be rectified is unabsorbed .....Tag this Judgment!