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2006 (4) TMI 89 - HC - Income TaxCarry forward business loss - time was not extended by the Income-tax Officer for filing of return - held that when an application for extension of time for furnishing the return is not disposed of by the Income-tax Officer, the assessee would be justified in entertaining a reasonable belief that his application is granted by the Income-tax Officer. – Hence, Tribunal was right in directing the Income-tax Officer to allow to carry forward business loss though intimation regarding extension of time to file the return was not given to the assessee. - in respect of depreciation and investment allowance, held that Tribunal is right in directing the Income-tax Officer to allow depreciation and investment allowance on the cost of the assets without deducting the amount of subsidy
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