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Income Tax - Highlights / Catch Notes

Home Highlights November 2020 Year 2020 This

Carry forward of balance additional depreciation to the ...

Income Tax

November 3, 2020

Carry forward of balance additional depreciation to the following years - whether tribunal was right in holding additional depreciation can be allowed in the next year in case the same cannot be allowed in the earlier year? - Held Yes - HC

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  2. Disallowance of additional depreciation - AO is directed to allow the balance 50% depreciation namely 10% of additional depreciation during the year under consideration - AT

  3. Depreciation to be carried forward allowed - carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever allowed - AT

  4. Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - once the Circular No.14 of 2001 clarified that the restriction of 8...

  5. Amalgamated company is entitled to set off and carry forward the brought forward business losses and unabsorbed depreciation of the amalgamating company from the very...

  6. Carry forward of the depreciation loss - once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed...

  7. Unabsorbed depreciation can be carried forward (for any number of years) and set off against the profits and gains of subsequent years.

  8. Carry forward and set off of unabsorbed depreciation of preceding years - The purpose of legal fiction in section 32(2) is to make the unabsorbed carried forward...

  9. Carry forward of additional depreciation - Asset put to use for less than 180 days - if plant and machinery is put to use for less than 180 days in the said financial...

  10. Carry forward of investment allowance - unabsorbed depreciation of Amalgamating Company - Section 72A - Claim allowed - HC

 

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