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2018 (2) TMI 1902 - HC - Income TaxSet off of unabsorbed depreciation - carry forward of unabsorbed depreciation allowances even after completion of eight years - scope of amendment of section 32 (2) - HELD THAT:- As decided in M/S. HINDUSTAN UNILEVER LTD [2016 (7) TMI 1245 - BOMBAY HIGH COURT] CBDT circular No.14 of 2001 dated 22nd November, 2001 to hold that any unabsorbed depreciation which is available on 1st day of April, 2001 would be dealt with in accordance with the provisions of Section 32(2) as amended by the Finance Act of 2001. The Circular No.14 of 2001 issued by the CBDT clarifies that restriction of eight years to carry forward and set off the unabsorbed depreciation has been dispensed with. Consequently, unabsorbed depreciation for the intervening periods between assessment 1997-98 upto 2001-02, if available in the assessment year 2002-03 would be allowable as part of carried forward depreciation from Assessment Year 2002-03 onwards. Also see ACCURA POLYTECH P. LTD. [2017 (12) TMI 866 - GUJARAT HIGH COURT] - no substantial question of law arises.
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