https://www.taxtmi.com/caselaws?id=329432 The Tribunal upheld the decision of the CIT (A) to allow the carry forward of unabsorbed depreciation without limit, based on judgments from the Hon'ble Gujarat High Court and the amended provisions of Section 32(2) by the Finance Act, 2001. The Tribunal dismissed the Revenue's appeal, confirming that unabsorbed depreciation from earlier years can be carried forward indefinitely and set off against future profits without any restrictions. The appeal outcome favored the assessee, emphasizing the legislative intent to enable businesses to conserve funds for replacing plant and machinery. en-us Tue, 07 Jun 2016 00:00:00 +0530 Fri, 01 Jul 2016 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329432 The Tribunal upheld the decision of the CIT (A) to allow the carry forward of unabsorbed depreciation without limit, based on judgments from the Hon'ble Gujarat High Court and the amended provisions of Section 32(2) by the Finance Act, 2001. The Tribunal dismissed the Revenue's appeal, confirming that unabsorbed depreciation from earlier years can be carried forward indefinitely and set off against future profits without any restrictions. The appeal outcome favored the assessee, emphasizing the legislative intent to enable businesses to conserve funds for replacing plant and machinery. Case-Laws Income Tax Tue, 07 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329432