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2018 (4) TMI 707 - ITAT DELHIAddition on account of unabsorbed depreciation claimed for AY 1997-98 - carry forward beyond the period of eight years - Held that:- Once Circular No. 14 of 2001 of CBDT clarified that the restriction of eight years for carry forward and set off of unabsorbed depreciation had been dispense with, the unabsorbed depreciation from the assessment year 1997-98 upto the assessment year 2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by the Finance Act, 2001, and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever. This view has been adopted by the Hon’ble Delhi High Court in the cases of Motor & General Finance Ltd. vs. ITO (2017 (5) TMI 637 - DELHI HIGH COURT) and Pr. CIT vs. British Motor Car Co. (2018 (1) TMI 547 - DELHI HIGH COURT ). - Decided in favour of assessee.
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