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2014 (4) TMI 1189 - HC - Income TaxReopening of assessment - Carry forward of unabsorbed depreciation beyond a period of eight years - Held that:- Carry forward of unabsorbed depreciation can be set off beyond the period of eight subsequent years without any set time limit. Reopening of assessment, as could be noticed from the reasons recorded particularly emphasized that the unabsorbed depreciation had been carried forward by the petitioner beyond a period of eight years resulting into the income escaping the assessment and therefore, AO at the time of issuance of the notice of reopening in absence of any judicial pronouncement on the subject may have assumed jurisdiction, when the issue is now well settled by way of judicial decisions, as discussed hereinabove, allowing continuation of such proceedings would not sub serve any purpose and therefore, by way of this writ jurisdiction, interference as requested for needs to be made quashing and notice of reassesssment and all subsequent proceedings. The petition is allowed quashing the impugned notice and the proceedings, if any, undertaken by the respondents - Decided in favour of assessee.
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