This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
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S. 32 : Depreciation-Unabsorbed depreciation-Amalgamation-Unabsorbed depreciation of amalgamating company allowed to be set off against income of amalgamated company for assessment year 2008-09 i.e. beyond period of eight years [S.32].
PCIT v. Supreme Petrochem Ltd. (2020) 115 taxmann.com 221 (Bom.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Supreme Petrochem Ltd. (2020) 275 Taxman 8 (SC)
S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and set off of-Unabsorbed depreciation loss for assessment year 1995-96 to be carried forward and set off against future profits beyond eight years holding that amendment by Finance Act, 2001 and CBDT Circular No. 14/2001 was applicable retrospectively. [S. 32 (2), 72]
CIT v. Bhima Sahakari Sakhar Karkhana Ltd. (2020) 121 taxmann.com 6 (Bom.)(HC) Editorial : SLP of revenue is dismissed, CIT v. Bhima Sahakari Karkhana Ltd. (2020) 275 Taxman 390 (SC)