2024 (5) TMI 1086 - SCH - Income Tax

Supreme Court Upholds High Court Decision, Dismisses Petition and Orders Disposal of Pending Applications.

The SC dismissed the Special Leave Petition, choosing not to interfere with the HC's judgment. The bench, after hearing the counsel, condoned the delay ... Carry forward and set off of unabsorbed depreciation without any limitation of period - carry forward after period of 8 years - As decided by HC VISHALDEEP SPINNING MILLS LTD [2023 (7) TMI 20 - GUJARAT HIGH COURT] once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y.1997- 98 upto the A.Y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever - HELD THAT:- We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed. Issues involved: Dismissal of Special Leave Petition by Supreme Court without interference with High Court's judgment.The Supreme Court, comprising HON'BLE MR. JUSTICE PAMIDIGHANTAM SRI NARASIMHA and HON'BLE MR. JUSTICE PRASANNA BHALACHANDRA VARALE, after hearing the counsel, dismissed the Special Leave Petition. The Court declined to interfere with the impugned judgment and order of the High Court, leading to the dismissal of the petition. The delay was condoned, and any pending application(s) were directed to stand disposed of.