https://www.taxtmi.com/caselaws?id=247513 The court quashed the notice issued under Section 148 of the Income-tax Act, 1961, for reopening the assessment due to the lack of validity in the reasons recorded by the Assessing Officer. The court emphasized that unabsorbed depreciation could be carried forward and set off beyond eight years, citing relevant legal provisions and circulars. Consequently, the court ruled in favor of the petitioner, highlighting the importance of complying with Supreme Court directives and the legality of extending the period for setting off unabsorbed depreciation. en-us Tue, 06 May 2014 00:00:00 +0530 Mon, 09 Feb 2015 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247513 The court quashed the notice issued under Section 148 of the Income-tax Act, 1961, for reopening the assessment due to the lack of validity in the reasons recorded by the Assessing Officer. The court emphasized that unabsorbed depreciation could be carried forward and set off beyond eight years, citing relevant legal provisions and circulars. Consequently, the court ruled in favor of the petitioner, highlighting the importance of complying with Supreme Court directives and the legality of extending the period for setting off unabsorbed depreciation. Case-Laws Income Tax Tue, 06 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247513