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2014 (10) TMI 1072 - AT - Income TaxBrought forward depreciation - Disallowance made as unabsorbed depreciation can be carried forward only for eight assessment years - scope of Section 32 as amended by Finance Act 2001 - HELD THAT:- As respectfully following the decision of General Motors India (P.) Ltd [2012 (8) TMI 714 - GUJARAT HIGH COURT] hold that in the present case the unabsorbed depreciation is covered by the provisions of Section 32(2) of the Act, as amended by Finance Act, 2001 and is therefore available for carry forward and set off against the profits and gains of subsequent years. We, thus, allow this ground of the assessee.
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