Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 565 - GUJARAT HIGH COURTCarry forward unabsorbed depreciation in respect of Bogus and Non-existent assets - Held that:- AO ought not to have disturbed the figure of unabsorbed depreciation, without dealing with the earlier assessment orders. Since, unless the earlier orders of assessment are rectified, the unabsorbed depreciation will continue to stand at the figure determined in the respective assessment orders. We are, therefore, of the opinion that the Tribunal committed no error in confirming the order of the CIT(A), holding that the assessee cannot be denied the benefit of carry forward unabsorbed depreciation, since, same is based on past record. This appeal, hence, deserves dismissal. - Decided in favour of assessee.
|