https://www.taxtmi.com/caselaws?id=195445 The High Court of Bombay dismissed the appeal challenging the Income Tax Appellate Tribunal's order on the treatment of unabsorbed depreciation for Assessment Year 2008-09. The Court upheld the Tribunal's decision to allow the set-off of unabsorbed depreciation from Assessment Year 1997-98 based on amended provisions of section 32(2) of the Income Tax Act, 1961. Relying on a previous judgment and legal circulars, the Court found no substantial question of law and ruled in favor of the respondent assessee, emphasizing consistency in tax law interpretation and setting a precedent for future cases. en-us Tue, 06 Dec 2016 00:00:00 +0530 Tue, 31 Oct 2017 10:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195445 The High Court of Bombay dismissed the appeal challenging the Income Tax Appellate Tribunal's order on the treatment of unabsorbed depreciation for Assessment Year 2008-09. The Court upheld the Tribunal's decision to allow the set-off of unabsorbed depreciation from Assessment Year 1997-98 based on amended provisions of section 32(2) of the Income Tax Act, 1961. Relying on a previous judgment and legal circulars, the Court found no substantial question of law and ruled in favor of the respondent assessee, emphasizing consistency in tax law interpretation and setting a precedent for future cases. Case-Laws Income Tax Tue, 06 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195445