https://www.taxtmi.com/caselaws?id=446100 ITAT Pune held that unabsorbed depreciation from AYs 1997-98 to 2000-01 can be carried forward without 8-year time limit, following SC precedent in Petrofils Co-operative Ltd. However, the tribunal reversed CIT(A)'s decision on loan waiver treatment, ruling that without evidence of loans being used for fixed asset acquisition, the waiver constitutes taxable income under section 28(iv). The tribunal also disallowed write-backs of provisions for worker liabilities, interest, and sundry creditors under BIFR rehabilitation scheme, noting CBDT had rejected similar claims. Revenue's appeal was largely allowed except on unabsorbed depreciation issue. en-us Fri, 20 Oct 2023 00:00:00 +0530 Sat, 25 Nov 2023 07:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446100 ITAT Pune held that unabsorbed depreciation from AYs 1997-98 to 2000-01 can be carried forward without 8-year time limit, following SC precedent in Petrofils Co-operative Ltd. However, the tribunal reversed CIT(A)'s decision on loan waiver treatment, ruling that without evidence of loans being used for fixed asset acquisition, the waiver constitutes taxable income under section 28(iv). The tribunal also disallowed write-backs of provisions for worker liabilities, interest, and sundry creditors under BIFR rehabilitation scheme, noting CBDT had rejected similar claims. Revenue's appeal was largely allowed except on unabsorbed depreciation issue. Case-Laws Income Tax Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446100