Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 186 - AT - Income TaxClaim of brought forward of unabsorbed depreciation - change in shareholding - applicability of restriction u/s 79 - Carry forward losses already exhausted - Held that:- Assessee is not carrying forward and setting off any loss but has unabsorbed depreciation, which is guided by the provisions of section 32(2) and not section 79. In view of the factual position on record of the AO, the submissions made before the undersigned and in view of the ratio laid down in the case of Subhulaxmi Mills Ltd.[1995 (9) TMI 2 - SUPREME Court] by the Hon'ble Supreme Court the grounds of appeal are allowed. The AO is directed to allow the appellant the claim of set off of carried forward "unabsorbed depreciation" - Decided against Revenue.
|