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2021 (7) TMI 868 - HC - Income TaxCarry forward of unabsorbed depreciation and set off against the income which is beyond the period of eight assessment years - HELD THAT:- Having regard to the submissions made on either side, following the ratio laid down in Harvey Heart Hospitals Ltd. [2021 (1) TMI 296 - MADRAS HIGH COURT] and Sanmar Speciality Chemicals Ltd.[2020 (9) TMI 770 - MADRAS HIGH COURT] the question of law is decided against the Revenue and in favour of the assessee as held unabsorbed depreciation pertaining to the assessment year can be carry forward and adjusted after the lapse of eight assessment years in view of the section 32(2) as amended by the Finance Act, 2001. - Decided against revenue.
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