{"id":14677,"date":"2020-12-30T10:57:25","date_gmt":"2020-12-30T10:57:25","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-sanmar-speciality-chemicals-ltd-2020-428-itr-237-mad-hc\/"},"modified":"2021-08-29T10:01:39","modified_gmt":"2021-08-29T04:31:39","slug":"cit-v-sanmar-speciality-chemicals-ltd-2020-428-itr-237-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-sanmar-speciality-chemicals-ltd-2020-428-itr-237-mad-hc\/","title":{"rendered":"CIT v. Sanmar Speciality Chemicals Ltd. (2020) 428 ITR 237\/ ( 2021) 278 Taxman 94  (Mad) (HC)"},"content":{"rendered":"<p>Court held that Circular No. 14 of 2001 clarified that under section\u00a032(2)\u00a0, in computing the profits and gains of business or profession for any previous year, deduction of depreciation under section\u00a032\u00a0shall be mandatory. Therefore, the provisions of section\u00a032(2)\u00a0as amended by the Finance Act, 2001, would allow the unabsorbed depreciation allowance available in the assessment years 1997-98, 1999-2000, 2000-01 and 2001-02 to be carried forward to succeeding years, and if any unabsorbed depreciation or part thereof could not be set off till the assessment year 2002-03 then it would be carried forward till it is set off against the profits and gains of subsequent years. Accordingly, that the assessee, was entitled to carry forward the depreciation loss pertaining to the assessment year 1997-98 to the assessment year 2006-07 .(AY.2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.32 : Depreciation \u2014 Unabsorbed depreciation \u2014 Carry forward and set off \u2014Amendment ,Finance Act of  2001- Circular No. 14 of  2001 dt.9 -11 -2001- No time limit for carry forward and set off  [ S.32(2) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14677","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3OJ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14677"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14677\/revisions"}],"predecessor-version":[{"id":21203,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14677\/revisions\/21203"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}