https://www.taxtmi.com/caselaws?id=762684 The Madras HC ruled on two tax issues. First, regarding deduction for leave salary provision under Section 43B(f), the court held that the provision made by the assessee was clearly disallowable under the statutory language, deciding in favor of the revenue. Second, on the eight-year limitation for setting off unabsorbed depreciation under Section 32(2), the court followed its precedent in Tamil Nadu Small Industries Corporation Limited, holding that Circular No. 14 of 2001 removed the eight-year restriction, allowing unlimited carry forward and set-off of unabsorbed depreciation from assessment years 1997-98 to 2001-02, deciding in favor of the assessee. en-us Mon, 02 Dec 2024 00:00:00 +0530 Thu, 05 Dec 2024 08:37:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762684 The Madras HC ruled on two tax issues. First, regarding deduction for leave salary provision under Section 43B(f), the court held that the provision made by the assessee was clearly disallowable under the statutory language, deciding in favor of the revenue. Second, on the eight-year limitation for setting off unabsorbed depreciation under Section 32(2), the court followed its precedent in Tamil Nadu Small Industries Corporation Limited, holding that Circular No. 14 of 2001 removed the eight-year restriction, allowing unlimited carry forward and set-off of unabsorbed depreciation from assessment years 1997-98 to 2001-02, deciding in favor of the assessee. Case-Laws Income Tax Mon, 02 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762684