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2019 (7) TMI 186 - HC - Income TaxSet off of Depreciation allowances - even after eight subsequent assessment years - scope of amendment to Section 32(2) by the Finance Act, 2001 - HELD THAT:- In case of Principal Commissioner of Income Tax Vs. Accura Polytech (P.) Ltd.V [2017 (12) TMI 866 - GUJARAT HIGH COURT] the very issue was before the Gujarat High Court. In the said case it was held that the amendment in Section 32(2) of the Act is applicable from Assessment Year 2002-2003 and subsequent years. It further observed that any unabsorbed depreciation available to an Assessee on 01.04.2002 will be dealt with in accordance with provision of Section 32(2) of the Act, as amended by the Finance Act, 2001 and not by the provisions of Section 32(2) of the Act, as it stood before the said amendment. Also confirmed by SC [2018 (9) TMI 1100 - SC ORDER] - Decided in favour of assessee.
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