Supreme Court Of India
Peerless General Finance And Investment Co. Ltd. vs. CIT
Ranjan Gogoi & N.V. Ramana, JJ.
Special Leave To Appeal (C) No(S). 34124/2014
8th December, 2015
S. Ganesh, Sr. Adv. & S. Sukumaran, Anand Sukumar, Bhupesh Kumar Pathak, Meera Mathur, Advs., for the Petitioner. :
Arijit Prasad, Mukti Chowdhary, Anil Katiyar, Advs., for the Respondent.
Heard the learned counsels for the parties and perused the relevant material.
The Special Leave Petition is dismissed subject to the observation that the unabsorbed depreciation as on 1st April, 1997 can be set off against the income from any Head for the immediate Assessment Year following 1st April, 1997 and thereafter if there still is any unabsorbed depreciation the same can be set off only against the Business Income for a period of eight (08) Assessment years.
The Special Leave Petition is disposed of in the above terms.
[Citation : 380 ITR 165]