Saturday, December 26, 2020

Unabsorbed depreciation can be carried forward and set-off for infinite period irrespective of AY to which it relates

INCOME TAX: Unabsorbed depreciation for assessment year 1997-98 could be allowed to be carried forward and set off after a period of eight years, in view of amended section 32(2)

from www.taxmann.com Latest Case Laws https://ift.tt/34MdwzD
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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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