Just a moment...

Report
ReportReport
Welcome to TaxTMI

We're migrating from taxmanagementindia.com to taxtmi.com and wish to make this transition convenient for you. We welcome your feedback and suggestions. Please report any errors you encounter so we can address them promptly.

Bars
Logo TaxTMI
>
×

By creating an account you can:

Report an Error
Type of Error :
Please tell us about the error :
Min 15 characters0/2000
TMI Blog
Home /

2014 (5) TMI 1027

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....i, Advocate For the Respondent : Shri Vasanth Kumar, IRS, CIT ORDER Dr. O. K. Narayanan (Vice-President).- This appeal filed by the assessee relates to the assessment year 2007-08. The appeal is directed against the order of the Commissioner of Income-tax (Appeals) at Tiruchirapalli, passed on December 30, 2013. The appeal arises out of the assessment completed under section 143(3) read with ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ligible to be carried forward beyond a period of eight assessment years. In the light of the reply filed by the assessee, the proposed rectification was dropped. 4. Thereafter, the Assessing Officer issued a notice under section 148 and completed the assessment under section 143(3) read with section 147 of the Income-tax Act, 1961, withdrawing a sum of Rs. 13,71,60,209 from the unabsorbed depreci....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he old position that unabsorbed depreciation becomes the current depreciation under section 32(2) and therefore eligible for carry forward and set off without any limitation, was restored by the amendment brought in with effect from the assessment year 2002-03. 8. Therefore, it is to be seen that wherever unabsorbed depreciation was not allowed to be set off against the profits arising after the ....