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2018 (3) TMI 1343 - AT - Income TaxAdjustment of unabsorbed depreciation and carry forward of unabsorbed depreciation - carried forward for 8 years only - Held that:- This issue is covered in favour of assessee by the decision of Hon’ble Gujarat High Court in the case of General Motors India Pvt. Ltd. (2012 (8) TMI 714 - GUJARAT HIGH COURT) held any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A.Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001, thus once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y.1997-98 upto the A.Y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever Respectfully following the above, we confirm the order of CIT(A) and this issue of Revenue’s appeal is dismissed.
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