(Ranjan Gogoi and N.V. Ramana, JJ.)
Peerless General Finance and Investment Co. Ltd. ____ Petitioner
v.
Commissioner of Income Tax Kalkata-I _____________ Respondent
Petition(s) for Special Leave to Appeal (C) No(s). 34124/2014, decided on December 8, 2015
(Arising out of Impugned Final Judgment and Order Dated 21/07/2014 in ITA No. 14/2005 Passed by The High Court of Calcutta)
The Order of the court was delivered by
Order
1. Heard the learned counsels for the parties and perused the relevant material.
2. 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.
3. The Special Leave Petition is disposed of in the above terms.
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