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2005 (2) TMI 63 - HC - Income TaxSet off and carry forward of unabsorbed depreciation - carry forward of unabsorbed business losses - distinction between unabsorbed depreciation and unabsorbed business loss for the purposes of set off and carry forward - Tribunal was right in holding that the assessee is entitled to get unabsorbed depreciation of the earlier years 1984-85 and 1985-86 set off in 1987-88 even if no valid return for the assessment year 1986-87 had been filed by the assessee - the appeal is partly allowed and it is held that in the absence of the assessee's filing a valid return and consequently, no order being passed by the Assessing Officer for set off and carry forward of business losses, for the assessment year 1986-87, the assessee could not be held entitled to set off and carry forward business loss during the assessment year 1987-88. However, the unabsorbed depreciation of the assessment years 1984-85 and 1985-86 is to be set off from the business income of the assessment year 1987-88 and the unabsorbed depreciation is to be carried forward to subsequent assessment years.
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