2020 (1) TMI 1399 - SC - Income Tax

Set off of brought forward business loss against deemed short term capital gains arising from sale of building and plant and machinery - Set of brought forward unabsorbed depreciation - depreciation available to the assessee on the first day of April 2002 for the Assessment Year 2002-03 without the restriction of 8 years carry forward which was during the Assessment Years 1997-98 to 2001-02 allowed by ITAT - permission seeked to withdraw this Special Leave Petition along with pending applications therein due to low tax effect - HELD THAT - Permission granted subject to just exceptions. The special leave petition and pending applications are dismissed as withdrawn leaving question of law open.

Summary

The Supreme Court allowed the petitioner to withdraw the Special Leave Petition and pending applications due to low tax effect. The petition and applications were dismissed as withdrawn, leaving the question of law open.