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2016 (8) TMI 1206 - HC - Income TaxUnabsorbed depreciation brought forward to be carried forward in the year under consideration - Held that:- Gujarat High Court in the case of General Motors India Private Limited [2012 (8) TMI 714 - GUJARAT HIGH COURT] said any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A.Y 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. And once the Circular No. 14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y.1997-98 upto A.Y. 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 Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever - Decided against revenue
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