https://www.taxtmi.com/caselaws?id=192460 The Tribunal upheld the assessee's appeal, allowing indefinite carry forward of unabsorbed depreciation under the Income Tax Act. It relied on the legislative intent behind the Finance Act 2001 amendment to enable conservation of funds for asset replacement. The Tribunal dismissed the revenue's appeal and quashed the Assessing Officer's rectification order under Section 154, stating that the issue of unabsorbed depreciation carry forward was not suitable for rectification. The decision affirmed the CIT(A)'s ruling and was pronounced on December 4, 2015. en-us Fri, 04 Dec 2015 00:00:00 +0530 Fri, 02 Jun 2017 10:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192460 The Tribunal upheld the assessee's appeal, allowing indefinite carry forward of unabsorbed depreciation under the Income Tax Act. It relied on the legislative intent behind the Finance Act 2001 amendment to enable conservation of funds for asset replacement. The Tribunal dismissed the revenue's appeal and quashed the Assessing Officer's rectification order under Section 154, stating that the issue of unabsorbed depreciation carry forward was not suitable for rectification. The decision affirmed the CIT(A)'s ruling and was pronounced on December 4, 2015. Case-Laws Income Tax Fri, 04 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192460