{"id":15353,"date":"2021-03-02T11:38:59","date_gmt":"2021-03-02T06:08:59","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-sanmar-speciality-chemicals-ltd-2020-428-itr-237-mad-hc-2\/"},"modified":"2021-08-29T10:00:44","modified_gmt":"2021-08-29T04:30:44","slug":"cit-v-sanmar-speciality-chemicals-ltd-2020-428-itr-237-mad-hc-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-sanmar-speciality-chemicals-ltd-2020-428-itr-237-mad-hc-2\/","title":{"rendered":"CIT v. Sanmar Speciality Chemicals Ltd. (2020) 428 ITR 237\/ ( 2021) 278 Taxman 194 (Mad.)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue, Circular No. 14 of 2001 dt November 9 2001 ( 2001) 252 ITR 65 (St), clarified that under section\u00a032(2), 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. Order of Tribunal is affirmed\u00a0 and held that\u00a0 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-Unabsorbed Depreciation-Carry Forward And Set Off-Finance Act Of 2001 and Circular No. 14 of 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-15353","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3ZD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15353","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=15353"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15353\/revisions"}],"predecessor-version":[{"id":21202,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15353\/revisions\/21202"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}