https://www.taxtmi.com/caselaws?id=353510 The High Court ruled in favor of the assessee, dismissing the department's appeal. The court held that the amendment effective from 01.04.2002 allowed for the set off of unabsorbed depreciation beyond the initial eight-year period. Emphasizing that the seven years from 1997-98 had not lapsed as of 2002, the court concluded that the depreciation claimed before 2002 could not be denied. The judgment clarified the application of Section 32(2) of the Income Tax Act, supporting the assessee's position on the set off of unabsorbed depreciation against income. en-us Tue, 05 Dec 2017 00:00:00 +0530 Fri, 05 Jan 2018 09:26:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353510 The High Court ruled in favor of the assessee, dismissing the department's appeal. The court held that the amendment effective from 01.04.2002 allowed for the set off of unabsorbed depreciation beyond the initial eight-year period. Emphasizing that the seven years from 1997-98 had not lapsed as of 2002, the court concluded that the depreciation claimed before 2002 could not be denied. The judgment clarified the application of Section 32(2) of the Income Tax Act, supporting the assessee's position on the set off of unabsorbed depreciation against income. Case-Laws Income Tax Tue, 05 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353510