https://www.taxtmi.com/caselaws?id=415262 The High Court affirmed the Tribunal's decision regarding the validity of the exercise of power by the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961. It also upheld the justification of allowing excess carry forward of unabsorbed depreciation beyond eight years under the amended Section 32(2) of the Income Tax Act, 1961. The Court relied on various precedents and a Circular issued by the Central Board of Direct Taxes to support its decision, dismissing the appeal and answering the substantial questions of law against the revenue. en-us Thu, 25 Nov 2021 00:00:00 +0530 Wed, 01 Dec 2021 08:50:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415262 The High Court affirmed the Tribunal's decision regarding the validity of the exercise of power by the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961. It also upheld the justification of allowing excess carry forward of unabsorbed depreciation beyond eight years under the amended Section 32(2) of the Income Tax Act, 1961. The Court relied on various precedents and a Circular issued by the Central Board of Direct Taxes to support its decision, dismissing the appeal and answering the substantial questions of law against the revenue. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415262