11 June 2016
Respected Sir/Mam, My query is' under which section a rectification in assessment order can be made if time limit u/s 154(i.e 4 Years)has already been elapsed.Can it be done even after expiry of 4 years. My query is actually in regard to the appeal effect of ITAT order whereas the effect has been given in respect of matter in that assessment year to which it belong but how it will be given effected in the next year. For Example A.Y 2005-06 unabsorbed depreciation rejected by Ao but in 2014 ITAT decided in favour of assesee however meanwhile assessment for A.Y 2006-07 got completed in FY. 2008-09 whereas assessee has deposited the tax as no unabsorbed depreciation could have been brought forwarded due to assesseement order 2005-06 and no appeal in this respect is made. however matter decided by the ITAT in the year 2014 and its appeal effect has been given in the year A.Y 2005-06 but how can an aseesee carry forward this amount.
12 June 2016
Sir, under which section Order can be revise, and is there any case law in this respect.
As time limit to file rectification application u/s 154 has been expired. so under which section AO is bound to revise the order of 06-07
13 June 2016
It is only a consequential adjustment the AO has to correct the assessment orders earlier passed for AY 06-07 allowing carry forward depreciation and refund the excess tax paid.
13 June 2016
Sir with your due respect i want to know how AOwill give the appeal effect of ITAT oder in the 06-07 as this order relates to 05-06 and its effect has been given by the Ao so how will we get the consequential benefit of carry forward of depreciation and under which section AO will pass the order.As ao is saying that time limit u/s 154 has expired so what is the remedies available to us
13 June 2016
Yes sir.We have claimed the unabsorbed depreciation in 06-07 but when the Ao made the assessment of 05-06 not allowing the unabsorbed depreciation and thereafter made the assessment for 06-07 without giving the benefit of brought forward dep.Therefore we have to deposit the tax as we had already appealed in the case of 05-06 we have not appealed in the matter of 06-07
13 June 2016
With out any application u/s 154 AO is bound to revise the Assessment for 06-07 and refund the excess tax paid. In our company we got such revision orders. Your case is strong case for seeking refund. If AO is not responding Take up the issue with higher level to advice AO.
17 June 2016
Respected sir, can we take the benefit through section 153(6)[earlier it was 153(3)(ii)] where time limit for recomputataion is within 12 month from the end of month in which the order is received. and now AO is saying that this section can only be applicable only in respect of the assessment year in respect of which finding or direction is given by the authority. Howere the wordings of the section is ".........in consequence of or to give effect to any finding or direction contained in an order."
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