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2008 (9) TMI 583 - HC - Income TaxDepreciation – Unabsorbed depreciation - Sub-section (2) of section 32, as it existed up to the assessment year 1996-97, provided that the unabsorbed depreciation of a year shall be added to the amount of the allowance for depreciation of the following previous year and deemed to be part of that allowance - unabsorbed depreciation allowance, if any, of the assessment year 1996-97 shall be added to the amount of the allow- ance for depreciation of assessment year 1997-98 and deemed to be part of the allowance for this year - limitation of eight years shall start from the assessment year 1997-98 - Tribunal has rightly come to the conclusion that the assessee is entitled to the unabsorbed depreciation brought forward as on April 1, 1997, and could be set off against the business profits
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