https://www.taxtmi.com/caselaws?id=70998 The Tribunal upheld the decision of the ld. CIT(A) allowing the carry forward of unabsorbed depreciation for the assessment year 1985-86, despite a late return filing by the assessee. It was determined that sections 72 and 139(3) did not apply to unabsorbed depreciation under section 32(2), distinguishing it from unabsorbed losses. The Tribunal emphasized that unabsorbed depreciation could be carried forward without time limitations, leading to the dismissal of all three departmental appeals. en-us Mon, 23 Dec 1996 00:00:00 +0530 Wed, 20 Apr 2011 16:49:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70998 The Tribunal upheld the decision of the ld. CIT(A) allowing the carry forward of unabsorbed depreciation for the assessment year 1985-86, despite a late return filing by the assessee. It was determined that sections 72 and 139(3) did not apply to unabsorbed depreciation under section 32(2), distinguishing it from unabsorbed losses. The Tribunal emphasized that unabsorbed depreciation could be carried forward without time limitations, leading to the dismissal of all three departmental appeals. Case-Laws Income Tax Mon, 23 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70998