https://www.taxtmi.com/caselaws?id=262021 The ITAT upheld the Commissioner of Income Tax (Appeals) order allowing the carry forward of depreciation disallowed under the Income Tax Act for Assessment Years 2004-05 and 2006-07. The Tribunal found that the Finance Act 2001 removed the eight-year restriction on carrying forward unabsorbed depreciation, enabling indefinite carry forward. Citing the decision of the Gujarat High Court, the ITAT ruled that unabsorbed depreciation could be carried forward without any time limit, leading to the dismissal of Revenue's appeals. en-us Tue, 30 Jun 2015 00:00:00 +0530 Mon, 09 Nov 2015 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262021 The ITAT upheld the Commissioner of Income Tax (Appeals) order allowing the carry forward of depreciation disallowed under the Income Tax Act for Assessment Years 2004-05 and 2006-07. The Tribunal found that the Finance Act 2001 removed the eight-year restriction on carrying forward unabsorbed depreciation, enabling indefinite carry forward. Citing the decision of the Gujarat High Court, the ITAT ruled that unabsorbed depreciation could be carried forward without any time limit, leading to the dismissal of Revenue's appeals. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262021