Case Law Details
Petrofils Cooperative Ltd Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that the assessee is entitled to claim of unabsorbed brought-forward depreciation to be set off against income from other sources as available during the year.
Facts- It is common ground that the issues involved in all the appeals are identical relating to the denial of set off of brought forward unabsorbed depreciation of earlier orders.
It is contended that CIT(A) has erred in law and on facts as has confirmed the rejection of the claim of set off of brought forward unabsorbed depreciation of earlier years on the ground that there is no brought forward unabsorbed depreciation at all.
Conclusion- We have noted that one of the reasons for the CIT(A) denying the benefit of set off of unabsorbed depreciation was the assessee’s acceptance of rejection of set off of brought forward depreciation in Asst.Year 2004-05. The assessee has now demonstrated that it was allowed the claim in Asst.Year 2004-05 by the ITAT.
Please become a Premium member. If you are already a Premium member, login here to access the full content.