https://www.taxtmi.com/caselaws?id=197990 The ITAT upheld the CIT(A)'s decision to allow the carry forward and set off of unabsorbed depreciation from A.Y. 1996-97 in A.Y. 2009-10, based on the amendment to section 32(2) by the Finance Act, 2001. The ITAT rejected the Revenue's appeal regarding the retrospective applicability of the amendment, affirming that the indefinite carry forward and set off of unabsorbed depreciation applied to earlier years. The ITAT dismissed the Revenue's appeal, allowing the assessee's appeal for statistical purposes and remanding the matter for further assessment by the Assessing Officer. en-us Fri, 29 Jan 2016 00:00:00 +0530 Fri, 19 Jan 2018 21:26:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197990 The ITAT upheld the CIT(A)'s decision to allow the carry forward and set off of unabsorbed depreciation from A.Y. 1996-97 in A.Y. 2009-10, based on the amendment to section 32(2) by the Finance Act, 2001. The ITAT rejected the Revenue's appeal regarding the retrospective applicability of the amendment, affirming that the indefinite carry forward and set off of unabsorbed depreciation applied to earlier years. The ITAT dismissed the Revenue's appeal, allowing the assessee's appeal for statistical purposes and remanding the matter for further assessment by the Assessing Officer. Case-Laws Income Tax Fri, 29 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197990