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2015 (7) TMI 643 - AT - Income TaxUnabsorbed depreciation adjustment against Long Term Capital Gain - CIT(A) allowed claim - Held that:- As relying on CIT Vs.Pioneer Asia Packing P. Ltd. [2007 (11) TMI 285 - MADRAS HIGH COURT ] wherein held the 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 and in order to give effect to that finding, the case was remitted to the file of the Assessing Officer for verification as to how much depreciation was available up to April 1, 1997, that could be included in the income of the assessee. Also see GENERAL MOTORS INDIA PVT. LTD Versus DEPUTY COMMISSIONER OF INCOME-TAX [2012 (8) TMI 714 - GUJARAT HIGH COURT ] -Decided in favour of assessee.
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