Tag: Section 32

Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years-High Court

January 15, 2018 High Courts, Income Tax, Judgments
Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years, prior to amendment-High Court Prelude: Section 32(2) of the Income Tax Act, 1961 (“the Act”) provides that where due to loss or inadequate profits in any year, full depreciation allowance could not …
Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

April 7, 2016 Income Tax, ITAT, Judgments
In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of  sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax …