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2019 (5) TMI 1726 - ITAT DELHISet off of unabsorbed depreciation beyond the period of 8 years - HELD THAT:- We find that the issue in now well settled in favour of the assessee and against the revenue by the decision of the Hon'ble High Court of Delhi in the case of Motor & General Finance Ltd [2017 (5) TMI 637 - DELHI HIGH COURT] while allowing the claim of unabsorbed depreciation, held that in view of the amended provisions of section 32(2) w.e.f. 1.4.2002, the assessee’s claim for set off of unabsorbed depreciation beyond the period of 8 years has to be allowed. Reopening of assessment u/s 147 - HELD THAT:- Facts on record show that completed assessment was reopened after four years to deny claim of set off of unabsorbed depreciation while drawing support from the amendment by the Finance (No. 2) Act, 1996 by which the carry forward was allowed upto a maximum period of 8 years from the year in which the unabsorbed depreciation was first computed. On identical set of facts, the Hon'ble High Court of Delhi in the case of Motors & General Finance Ltd [supra] has decided this issue in favour of the assessee and against the revenue.
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