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TMI Blog2008 (1) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... and 2002-03. The assessee has been paying agricultural income tax under the system of compounding provided under section 13(1) of the Kerala Agricultural Income-tax Act, 1991, up to the assessment year 200001. However, for the assessment year 2001-02, the assessee re-opted for regular assessment under section 3 of the Act. While completing the assessment, the Assessing Officer declined depreciati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been permitted to pay under sub-section (1) re-opts to pay tax in accordance with section 3 notwithstanding anything contained in any other provisions of this Act, shall be assessed as if it were a new assessment and shall not be eligible to carry forward any loss incurred in any of the previous years or any depreciation." It is clear from the above provision that once an assessee, who has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f tax under the compounding scheme, as provided under section 13(1), to payment of tax under section 3 of the Act. In other words, once option is exercised for one year and the assessee suffers disability under section 13(6), the assessee will be entitled to carry forward loss and depreciation from that year onwards for succeeding assessment years as provided under section 12 of the Act. For the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 001-02 but allow the revision for the year 2002-03 by holding that the assessee will be entitled to carry forward of loss computed and unabsorbed depreciation, if any, from 2001-02 to that year. We make it clear that depreciation will be available only on new assets acquired during the previous year relevant for the assessment year 2001-02 onwards. In other words, no depreciation will be available ..... X X X X Extracts X X X X X X X X Extracts X X X X
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