Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (12) TMI 264 - HC - Income TaxCarry forward of unabsorbed depreciation - beyond the eight year period mandated under the provisions of Section 32 - scope of amended provisions - Whether subsequent amendment of Assessment Year 2001-02 has allowed the depreciation of Assessment Year 1997-98, 1998-99, 1999-2000 and 2000-01 to be carried forward for unlimited period and can be claimed to be set off Assessment Year 2008-09? - HELD THAT:- The issue involved in this case is no longer res integra and has been settled in several decisions. It is brought to our notice by the learned senior counsel for the respondent that in the case of Commissioner of Income Tax vs. Sanmar Speciality Chemicals Ltd. [2020 (9) TMI 770 - MADRAS HIGH COURT] identical issue was considered wherein the Court noted various decisions of the other High Courts and in particular the decision of the High Court of Gujarat in General Motors India P. Ltd. [2012 (8) TMI 714 - GUJARAT HIGH COURT] as well as the circular no.14 of 2001 dated 9th November, 2001 issued by the Central Board of Direct Taxes (CBDT) and granted relief to the assessee as held 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
|