https://www.taxtmi.com/caselaws?id=331352 The appeal was allowed by the Tribunal, granting the assessee the right to carry forward unabsorbed depreciation totaling Rs. 1,31,03,362 from assessment years 1998-99, 2000-01, and 2001-02 indefinitely, against the current year's income. The Tribunal relied on the amendment in section 32(2) by the Finance Act, 2001, removing the 8-year restriction on carrying forward unabsorbed depreciation. The decision of the Gujarat High Court in General Motors India Pvt Ltd vs DCIT supported this interpretation, emphasizing the removal of the time limit for setting off unabsorbed depreciation. en-us Tue, 16 Aug 2016 00:00:00 +0530 Sat, 20 Aug 2016 08:45:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331352 The appeal was allowed by the Tribunal, granting the assessee the right to carry forward unabsorbed depreciation totaling Rs. 1,31,03,362 from assessment years 1998-99, 2000-01, and 2001-02 indefinitely, against the current year's income. The Tribunal relied on the amendment in section 32(2) by the Finance Act, 2001, removing the 8-year restriction on carrying forward unabsorbed depreciation. The decision of the Gujarat High Court in General Motors India Pvt Ltd vs DCIT supported this interpretation, emphasizing the removal of the time limit for setting off unabsorbed depreciation. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331352