https://www.taxtmi.com/caselaws?id=242585 The Tribunal allowed the appeal of the assessee, permitting the carry forward and set off of unabsorbed depreciation from AYs 1995-96 to 2001-02 against the business income of AY 2008-09. This decision was made based on the interpretation of section 32(2) of the Income Tax Act, as amended by the Finance Act, 2001, allowing indefinite carry forward of unabsorbed depreciation from AY 2002-03 onwards. The Tribunal considered various judicial precedents, including the Gujarat High Court's decision in General Motors India P. Ltd. and the ITAT Special Bench decision in Times Guaranty Ltd. en-us Wed, 15 Jan 2014 00:00:00 +0530 Fri, 20 Mar 2015 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242585 The Tribunal allowed the appeal of the assessee, permitting the carry forward and set off of unabsorbed depreciation from AYs 1995-96 to 2001-02 against the business income of AY 2008-09. This decision was made based on the interpretation of section 32(2) of the Income Tax Act, as amended by the Finance Act, 2001, allowing indefinite carry forward of unabsorbed depreciation from AY 2002-03 onwards. The Tribunal considered various judicial precedents, including the Gujarat High Court's decision in General Motors India P. Ltd. and the ITAT Special Bench decision in Times Guaranty Ltd. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242585