Setting off of depreciation u/s 32(2) - unabsorbed depreciation ...

Unabsorbed depreciation from 1997-98 to 2001-02 cannot be set off now under Income Tax Act Section 32(2).

January 23, 2013

Case Laws Income Tax AT

Setting off of depreciation u/s 32(2) - unabsorbed depreciation for the block of Assessment year 1997-98 to 2001-02 which could not have been set off earlier, cannot be allowed to be set off now. - AT

View Source

← Previous Next →

Setting off of depreciation u/s 32(2) - unabsorbed depreciation ...

Unabsorbed depreciation from 1997-98 to 2001-02 cannot be set off now under Income Tax Act Section 32(2).

January 23, 2013

Case Laws Income Tax AT

You may also like:

Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - once the Circular No.14 of 2001 clarified that the restriction of 8...

Carry forward of the depreciation loss - once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed...

As per section 72(2), unabsorbed business loss is to be first set off and thereafter unabsorbed depreciation treated as current years depreciation u/s 32(2) is to be set...

Set off of Depreciation allowances - even after eight subsequent assessment years - any unabsorbed depreciation available to an Assessee on 01.04.2002 will be dealt with...

Set off of Unabsorbed depreciation as on April 1, 1997 can be set off against the income from any head for the immediate assessment year following April 1, 1997...

Treatment for Unabsorbed depreciation pertaining to A.Y. 1997-98 - allowed to be carried forward and set off after a period of eight years OR governed by Section 32 as...

Unabsorbed business/depreciation loss - carried forward and set off - the legislature has resorted to original provisions by amendment brought in by Finance Act 2001,...

Sale of house property - Denial of the cost of improvement - apart from nonspecification of the work, so that the very basis of the assessee’s claim remains unknown, the...

Deduction u/s 10B - Here in the case in hand, the total income was first arrived at by the Revenue through the AO in the Assessment Order by computing the total income...

Set off of unabsorbed depreciation allowances against income under the head salary - losses under the head income from business or profession, including unabsorbed...

Revision u/s 263 by CIT - Unabsorbed Depreciation or unabsorbed Business Loss - Even, assuming for a moment, the PCIT is right on his observation, but fact remains that...

Carry forward and set-off of unabsorbed depreciation of proprietary concern against partnership firm - as per the provisions of the section 78(2) assessee is entitled to...

Transfer - Capital Gains - the transfer of 78% of the undivided right of the land took place in the previous year relevant to assessment year 1997-98. Thus the related...

Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

Quick Updates: