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| The Tax Publishers2020 TaxPub(DT) 0931 (Del-HC) INCOME TAX ACT, 1961
Section 32
The Court had considered the issue in PCIT v. British Motor Car Co. (1934) Limited, [ITA No. 1031/2017 decided on 9-1-2018] : 2018 TaxPub(DT) 0265 (Del-HC) thereby holding in favour of assessee that assessee was entitled to avail of the unabsorbed depreciation beyond the period of eight years which was prescribed under the unamended section 32.
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Depreciation - Unabsorbed depreciation claimed under section 32(2) - Claim beyond the period of eight years -
The sole issue raised by Revenue before the Court was whether CIT(A) was justified in deleting the addition on account of the unabsorbed depreciation claimed for the assessment year 1997-98 under section 32(2). Held: Tribunal had placed reliance on decision of High Court in M/s General Motors India Pvt. Ltd. v. DCIT, (2013) 354 ITR 244 (Gujarat) : 2013 TaxPub(DT) 0624 (Guj-HC) which was followed by this Court in Motor & General Finance Ltd. v. ITO (2017) 80 Taxxman.com 14 (Del) : 2017 TaxPub(DT) 0904 (Del-HC). This Court had held that assessee was entitled to avail of unabsorbed depreciation beyond the period of eight years which was prescribed under the unamended section 32.
REFERRED : Pr. CIT v. British Motor Car Co. (1934) Ltd. [ITA No. 1031/2017 decided on 9-1-2018] : 2018 TaxPub(DT) 0265 (Del-HC), Motor & General Finance Ltd. v. ITO & Anr. (2017) 80 Taxxman.com 14 (Del) : 2017 TaxPub(DT) 0904 (Del-HC), General Motors India Pvt. Ltd. v. Dy. CIT (2013) 354 ITR 244 (Gujarat) : 2013 TaxPub(DT) 0624 (Guj-HC) & ACIT v. Central Electronics Ltd. [ITA No. 4102/DEL/2016, dt. 16-5-2019]
FAVOUR : In assessee's favour.
A.Y. :
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