https://www.taxtmi.com/caselaws?id=247267 The High Court upheld the decision of the Income Tax Appellate Tribunal, allowing the claim for carry forward of unabsorbed depreciation beyond eight years as per the amendment by the Finance Act, 2001. The Court emphasized that the amendment removed the time limit for carry forward and set off of unabsorbed depreciation from assessment year 2002-03 onwards, enabling industries to conserve funds for replacing plant and machinery. The judgment affirmed that unabsorbed depreciation from earlier years could be utilized without restrictions, leading to the dismissal of the appeal with no question of law arising. en-us Mon, 24 Feb 2014 00:00:00 +0530 Wed, 07 May 2014 09:15:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247267 The High Court upheld the decision of the Income Tax Appellate Tribunal, allowing the claim for carry forward of unabsorbed depreciation beyond eight years as per the amendment by the Finance Act, 2001. The Court emphasized that the amendment removed the time limit for carry forward and set off of unabsorbed depreciation from assessment year 2002-03 onwards, enabling industries to conserve funds for replacing plant and machinery. The judgment affirmed that unabsorbed depreciation from earlier years could be utilized without restrictions, leading to the dismissal of the appeal with no question of law arising. Case-Laws Income Tax Mon, 24 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247267