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2016 (3) TMI 1411 - AT - Income TaxValidity of reopening of assessment u/s 147 - notice beyond the period of four years - assessee had claimed deduction by way of carry forward of unabsorbed depreciation beyond the period of eight years - HELD THAT:- We do not find it necessary to interfere with the orders of the CIT (A) because it came to the notice of the AO that the assessee had claimed the benefit of carry forward of unabsorbed depreciation beyond the period of eight years which was not permissible during the intervening few assessment years. AO had a valid reason to believe that income had escaped to be taxed in the hands of the assessee. Hence, we uphold the decision of the Revenue on this issue. Withdrawing the benefit of set off of unabsorbed depreciation beyond the period of eight years - HELD THAT:- As relying on M/S. BEST & CROMPTON ENGINEERING LTD. [2015 (3) TMI 977 - ITAT CHENNAI] hereby direct the learned Assessing Officer to allow the benefit of carry forward unabsorbed depreciation beyond the period of eight years.
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