Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 1034 - ITAT PUNEUnabsorbed depreciation set off against business income - HELD THAT:- The issue of the set off of carry forward unabsorbed depreciation has been held in favour of the assessee by even jurisdictional Hon’ble Bombay High Court in the case of CIT v/s Hindusthan Unilever Ltd [2016 (7) TMI 1245 - BOMBAY HIGH COURT] held that restriction of eight years to carry forward and set off the unabsorbed depreciation has been dispensed with. Consequently, unabsorbed depreciation for the intervening periods between assessment 1997-98 upto 2001-02, if available in the assessment year 2002-03 would be allowable as part of carried forward depreciation from Assessment Year 2002-03 onwards. No decision contrary to the decision of the Gujarat High Court [2012 (8) TMI 714 - GUJARAT HIGH COURT] has been shown to us. No substantial question of law.
|