Belated Return Not a Bar on Carry Forward of Depreciation: ITAT Confirms Rs. 2.38 Crore as Unabsorbed Depreciation

The ITAT has ruled that a "belated return is not a bar on the carry forward of depreciation" and has "confirmed ₹238 crore as unabsorbed depreciation." This decision provides a crucial victory for the taxpayer, acknowledging that not all cash deposits during the demonetization period were from unexplained sources. The ruling, a significant victory for the company, reinforces the principle of legal certainty and predictability in tax matters. The court's decision is a crucial reminder to all that they must be diligent in their dealings.