https://www.taxtmi.com/caselaws?id=194643 The court ruled in favor of the petitioner-assessee, holding that unabsorbed depreciation could be carried forward indefinitely beyond eight years as per the amended Section 32(2) of the Income Tax Act. The reassessment proceedings initiated by the Assessing Officer were deemed unjustified as they incorrectly applied the eight-year limitation, which was no longer applicable post-amendment. Consequently, the court quashed the notice and the reassessment proceedings. en-us Wed, 09 Apr 2014 00:00:00 +0530 Sun, 17 Sep 2017 19:54:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194643 The court ruled in favor of the petitioner-assessee, holding that unabsorbed depreciation could be carried forward indefinitely beyond eight years as per the amended Section 32(2) of the Income Tax Act. The reassessment proceedings initiated by the Assessing Officer were deemed unjustified as they incorrectly applied the eight-year limitation, which was no longer applicable post-amendment. Consequently, the court quashed the notice and the reassessment proceedings. Case-Laws Income Tax Wed, 09 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194643