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2019 (6) TMI 731 - AT - Income TaxRectification of mistake u/s 154 - assessee was allowed set off of unabsorbed depreciation for A.Y 2001-02 which was not allowable as the time limit of 8 years for set off has lapsed as per the provision of section 32(2)(iii) - HELD THAT:- The issue is therefore no more res integra and following the legal proposition so laid down, in the instant case, unabsorbed depreciation for AY 2001-02 and earlier years got carried forward to AY 2002-03 and becomes part thereof and will be governed by the provisions of section 32(2) as amended by the Finance Act, 2001 and will be available for carry forward and set off against the profits and gains of subsequent years including the impunged assessement year 2015-16. See M/S EMGEE CABLES & COMMUNICATIONS LTD.[2017 (5) TMI 716 - ITAT JAIPUR], M/S. GINNI INTERNATIONAL LTD. [2018 (1) TMI 246 - RAJASTHAN HIGH COURT] , GENERAL MOTORS INDIA PVT. LTD [2012 (8) TMI 714 - GUJARAT HIGH COURT] and BRITISH MOTOR CAR CO. (1934) LTD. [2018 (1) TMI 547 - DELHI HIGH COURT] - Decided in favour of assessee.
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