ITAT allows Carry Forward of depreciation in succeeding assessment years

ACIT Vs Nimit Kumar Aneja (ITAT Delhi) The AO did not allow depreciation on the assets in the project of M/s Him Fresh Produce Company for the reason that the assessee did not claim depreciation in the original return filed placing reliance on the decision of Supreme Court in the case of Goetze India Limited vs. CIT (supra) and at the same time reduced the WDV of the assets while determining the carry forward of WDV of such assets. The Ld. CIT(A) allowed the claim for depreciation and carry forward of WDV of assets in view of Explanation 5 of section 32(1) which was inserted w.e.f. 01.04.2002 ...