https://www.taxtmi.com/caselaws?id=353811 The Finance Act, 2001 removed the eight-year cap on carry forward of unabsorbed depreciation under Section 32(2) without any saving clause limiting the benefit to future depreciation. On that construction, depreciation available on 1 April 2002 was governed by the amended provision, so unabsorbed depreciation brought forward from earlier assessment years could continue to be carried forward without temporal limitation. The Delhi High Court therefore accepted the purposive and plain reading of the amendment and held that the Revenue's challenge failed. en-us Tue, 09 Jan 2018 00:00:00 +0530 Fri, 02 Feb 2018 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353811 The Finance Act, 2001 removed the eight-year cap on carry forward of unabsorbed depreciation under Section 32(2) without any saving clause limiting the benefit to future depreciation. On that construction, depreciation available on 1 April 2002 was governed by the amended provision, so unabsorbed depreciation brought forward from earlier assessment years could continue to be carried forward without temporal limitation. The Delhi High Court therefore accepted the purposive and plain reading of the amendment and held that the Revenue's challenge failed. Case-Laws Income Tax Tue, 09 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353811