TaxTMI 
TaxTMI 
2018 (1) TMI 246
X X X X Extracts X X X X
X X X X Extracts X X X X
....By way of this appeal, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has rejected the appeal of the Department as well as cross-objection of the assessee. 2. This Court while admitting the appeal on 25.07.2017 framed following substantial question of law:- " Whether the Tribunal was legally justified in allowing the set off of unabsorbed depreciation o....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (hereinafter referred to as unabsorbed depreciation allowance), as the case may be:- (i) shall be set off against the profits and gains, if any or any business or profession carried on by him and assessable for that assessment year; (ii) if the unabsorbed depreciation cannot be wholly set off under clause (i), the amount not so set off shall be set off from the income under any other head, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ains chargeable being less that the allowance, then subject to the provisions of" He contended that amended provisions will become effective after the depreciation which is required to be claimed after 2002. Therefore, she contended that the Tribunal has seriously committed error. She has contended that the view taken by the Tribunal is required to be reversed. However, counsel for respondent r....
X X X X Extracts X X X X
X X X X Extracts X X X X
....llowed on any motor car manufactured outside India unless it is used (i) in the business of running it on hire for tourists, or (ii) outside in the assessee's business or profession is another country. 30.4 The Act has allowed depreciation allowance on all imported motor cars acquired on or after 1st April, 2001. 30.5 These amendments will take effect from the 1st April, 2002, and will, acco....