2018 (9) TMI 1815 - HC - Income Tax

Reopening of assessment u/s. 147 - benefit of carry forward and set off of unabsorbed depreciation for the A.Y. 1997-98 against the income of A.Y. 2005-06 which was not in accordance with the provision of section 32(2) as amended by Finance Act 2001 w.e.f. 01.04.2002 - carry forward and set off unabsorbed depreciation against the profits and gains of subsequent years, without any limit - HELD THAT - The second question raised by the Revenue is squarely covered by the judgement of this Court in case of General Motors India petitioner. Ltd vs. Deputy Commissioner of Income Tax reported in 2012 (8) TMI 714 - GUJARAT HIGH COURT . In that view of the matter, validity of reopening of the assessment becomes academic.

Summary

The Gujarat High Court dismissed the Tax Appeal filed by the Revenue challenging the reopening of assessment under section 147 of the Income Tax Act. The Court held that the issue was already covered by a previous judgment, making the validity of the reopening academic.