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2018 (1) TMI 246 - HC - Income TaxSet off of unabsorbed depreciation pertaining to A.Y. 1997-98 against the income of A.Y. 2007-08 which is beyond eight years immediately succeeding the year for which the depreciation allowance was first computed - Held that:- Taking into consideration the amendment which came into force w.e.f. 01.04.2002, in our considered opinion w.e.f. 01.04.2002 the depreciation cannot be claimed. In that view of the matter, the contention that, 1997- 98, 7 years has not lapsed in year 2002 when it came into force. In that view of the matter, issue is required to be answered in favour of assessee against the department.
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