https://www.taxtmi.com/caselaws?id=329222 The Tribunal quashed the CIT's order under Section 263, allowing the Assessee's appeal. It held that the carry forward of unabsorbed depreciation from AYs 1996-97 to 2000-01 was permissible without the eight-year limitation, in line with the amended provisions of Section 32(2) of the Income Tax Act. The decision was based on judicial precedents supporting the Assessee's position, concluding that the CIT's revision was unwarranted. The appeal was allowed, and the order was pronounced on 01.06.2016. en-us Wed, 01 Jun 2016 00:00:00 +0530 Fri, 24 Jun 2016 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329222 The Tribunal quashed the CIT's order under Section 263, allowing the Assessee's appeal. It held that the carry forward of unabsorbed depreciation from AYs 1996-97 to 2000-01 was permissible without the eight-year limitation, in line with the amended provisions of Section 32(2) of the Income Tax Act. The decision was based on judicial precedents supporting the Assessee's position, concluding that the CIT's revision was unwarranted. The appeal was allowed, and the order was pronounced on 01.06.2016. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329222