https://www.taxtmi.com/caselaws?id=286101 After the amendment to section 32(2), unabsorbed depreciation from earlier years may be carried forward and set off without the earlier eight-year restriction, in line with binding High Court authority. On that basis, the claim for set-off of brought forward depreciation was accepted. Reassessment under sections 147 and 148, founded only on the view that the depreciation claim had crossed the earlier limit, could not be sustained in the absence of tangible material, and the reopening was treated as invalid. The assessee was also permitted to rely on the reassessment ground under rule 27, and the relief granted by the first appellate authority was sustained. en-us Thu, 16 May 2019 00:00:00 +0530 Wed, 12 Feb 2020 12:07:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286101 After the amendment to section 32(2), unabsorbed depreciation from earlier years may be carried forward and set off without the earlier eight-year restriction, in line with binding High Court authority. On that basis, the claim for set-off of brought forward depreciation was accepted. Reassessment under sections 147 and 148, founded only on the view that the depreciation claim had crossed the earlier limit, could not be sustained in the absence of tangible material, and the reopening was treated as invalid. The assessee was also permitted to rely on the reassessment ground under rule 27, and the relief granted by the first appellate authority was sustained. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286101