Belated Return No Bar: ITAT Allows Unabsorbed Depreciation Carry Forward

ACIT Vs Elecon Engineering Company Ltd. (ITAT Ahmedabad) Belated Return No Bar- Section 32(2) Prevails – Carry Forward of Depreciation Allowed Even Without Timely Return – ITAT Ahmedabad Allows Rs.2.38 Cr Carry Forward as Unabsorbed Depreciation Ahmedabad Tribunal dismissed Revenue’s appeal, upholding CIT(A)’s finding that loss of Rs.2.38 crore was unabsorbed depreciation allowable to be carried forward, even though return was filed belatedly. Assessee, engaged in manufacturing of industrial gears & couplings, filed return belatedly u/s 139(4) declaring unabsorbed depreciation ...