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Unabsorbed depreciation can be Set-off against income surrendered during survey
Case Law Details
- Case Name
- Kirtiman Cements and Packaging Industries Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13 & 2013-14
- Courts
- All ITAT, ITAT Delhi
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Kirtiman Cements and Packaging Industries Ltd. Vs ACIT (ITAT Delhi)
Provisions of law on unabsorbed deprecation which is allowed as depreciation of current year under section 32(2) fall in section 71 and not under section 72, as such, allowable as ‘business expenditure’. Therefore, unabsorbed depreciation of current year and earlier year was allowable against income surrendered during survey.
FULL TEXT OF THE ITAT JUDGMENT
This order shall dispose of both the appeals filed by the assessee along with stay applications.
2. We have heard the learned Representatives of both the parties and p...
