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2021 (9) TMI 307 - HC - Income TaxUnabsorbed depreciation set off against capital gains in any Assessment Year prior to 2001-2002 - Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - beyond the eight year period mandated under the provisions of Section 32 - HELD THAT:- It is not in dispute that the substantial question of law framed for consideration has been answered against the Revenue in the case of CIT Vs. Best & Crompton Engineering Ltd. [2021 (8) TMI 515 - MADRAS HIGH COURT] 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. - Decided against the Revenue.
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