Tribunal held that assessment year in question was merely a transient year where carry forward of earlier year had been brought forward to that year and again carried forward to next year for set off in appropriate assessment year. Tribunal further held that disclosure of unabsorbed depreciation had no impact on ‘chargeable income’ for relevant year which was alleged to have escaped assessment. Order of Tribunal is affirmed by High Court . (AY. 2006-07)
PCIT CIT v. Accura Polytech (P.) Ltd. (2018) 89 taxmann.com 12 ( Guj) (HC) Editorial: SLP of revenue is dismissed ,PCIT CIT v. Accura Polytech (P.) Ltd. (2018) 258 Taxman 59 (SC)
S. 147 : Reassessment –Unabsorbed depreciation -Transient year where carry forward of earlier year had been brought forward to that year and again carried forward to next year for set off in appropriate assessment year -Reassessment is held to be bad in law .[ S.32(2), 143(3), 148 ]