MINDA SAI LTD. Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) BY way of this appeal, the assessee appellant has challenged correctness of learned CIT(A)'s order dt. 5th Jan., 2012 in the matter of assessment under s. 143(3) of the IT Act, 1961, for the asst. yr. 2009 -10. In the first ground of appeal, the assessee has raised the following grievance:

(2.) THE short question that we are thus required to adjudicate is whether or not the unabsorbed depreciation of Rs. 4,39,46,863, which pertains to the asst. yrs. 1999 -2000 and 2000 -01, can indeed be set off against the income under the head 'profits and gains of business or profession' during the current assessment year.

(3.) 5 By explaining clearly that the amendment made by Finance Act, 2001 is not from retrospective effect, the controversy raised by the appellant is settled. I am relying on the Special Bench judgment in the case of Times Guaranty Ltd. (supra), which is the jurisdictional Tribunal Special Bench order and disallowance made by the AO is hereby confirmed. Thus, this ground of appeal is dismissed."