9911796707
TMI Blog2017 (12) TMI 1591X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of section 32(2) of the Act, as amended by the Finance Act, 2001, would allow the unabsorbed depreciation allowance available in assessment years 1997-98, 1999-2000, 2000-01 and 2001-02 to be carried forward to the succeeding years, and if any unabsorbed depreciation or part thereof could not be set off till the assessment year 2002-03, then it would be carried forward till the time it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal has erred in law and on facts by allowing carry forward of unabsorbed depreciation of ₹ 58.34 lacs pertaining to A.Y. 1998-99 beyond 8 assessment years in contravention of the provisions of section 32(2) applicable to A.Y. 1998-99? [B] Whether the Appellate Tribunal has erred in not appreciated the fact that the provisions of section 32(2) have been amended prospectively w.e.f. 010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... controversy involved in the present case stands concluded in favour of the assessee. 5. In the above cited decision, this court has held that the amendment in section 32(2) of the Act is applicable from assessment year 2002-03 and subsequent years, which means that any unabsorbed depreciation available to an assessee on the 1st day of April, 2002 (assessment year 2002-03), will be dealt with in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Finance Act, 2001, would allow the unabsorbed depreciation allowance available in assessment years 1997-98, 1999-2000, 2000-01 and 2001-02 to be carried forward to the succeeding years, and if any unabsorbed depreciation or part thereof could not be set off till the assessment year 2002-03, then it would be carried forward till the time it is set off against the profits and gains of subsequent yea ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
