https://www.taxtmi.com/caselaws?id=177514 The ITAT dismissed the appeals, upholding the CIT's order under section 263 that denied the carry forward and set off of unabsorbed depreciation beyond the 8-year limit. The ITAT found the issue debatable, citing conflicting ITAT decisions and upheld the 8-year limitation despite the Finance Act, 2001 amendment. The ITAT ruled the CIT's order was within the limitation period and valid, stating rectification under section 154 was not applicable. Appeals for the assessment years 2005-06 and 2006-07 were dismissed based on these findings. en-us Tue, 30 Apr 2013 00:00:00 +0530 Thu, 11 May 2017 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177514 The ITAT dismissed the appeals, upholding the CIT's order under section 263 that denied the carry forward and set off of unabsorbed depreciation beyond the 8-year limit. The ITAT found the issue debatable, citing conflicting ITAT decisions and upheld the 8-year limitation despite the Finance Act, 2001 amendment. The ITAT ruled the CIT's order was within the limitation period and valid, stating rectification under section 154 was not applicable. Appeals for the assessment years 2005-06 and 2006-07 were dismissed based on these findings. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177514