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2016 (8) TMI 736 - AT - Income TaxEntitlement for claim of unabsorbed deprecation - Held that:- It is an undisputed fact that the claim of carried forward of depreciation aggregating to ₹ 1,31,03,362/- pertains to assessment years 1998-99, 2000-01 and 2001-02. Before the amendment, the time limit for carried forward of unabsorbed depreciation was for period not more than 8 assessment years immediately succeeding the assessment years for which the aforesaid allowance was first computed. However, by the Finance Act, 2001 an amendment was brought under section 32(2), whereby, restriction of 8 years for the carried forward and set off of unabsorbed depreciation was removed. - Decided in favour of assessee.
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