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TMI Blog2008 (1) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... irming the assessments for the assessment years 2001-02 and 2002-03. The assessee has been paying agricultural income tax under the system of compounding provided under section 13(1) of the Kerala Agricultural Income-tax Act, 1991, up to the assessment year 200001. However, for the assessment year 2001-02, the assessee re-opted for regular assessment under section 3 of the Act. While completing th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cultural income-tax.-….. (6) When any person who has been permitted to pay under sub-section (1) re-opts to pay tax in accordance with section 3 notwithstanding anything contained in any other provisions of this Act, shall be assessed as if it were a new assessment and shall not be eligible to carry forward any loss incurred in any of the previous years or any depreciation." It is clear fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n which the assessee re-opts for conversion from payment of tax under the compounding scheme, as provided under section 13(1), to payment of tax under section 3 of the Act. In other words, once option is exercised for one year and the assessee suffers disability under section 13(6), the assessee will be entitled to carry forward loss and depreciation from that year onwards for succeeding assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, dismiss the tax revision case for the assessment year 2001-02 but allow the revision for the year 2002-03 by holding that the assessee will be entitled to carry forward of loss computed and unabsorbed depreciation, if any, from 2001-02 to that year. We make it clear that depreciation will be available only on new assets acquired during the previous year relevant for the assessment year 2001-02 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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