https://www.taxtmi.com/caselaws?id=384274 The Court dismissed the Tax Appeal, upholding the limitations on carrying forward unabsorbed depreciation beyond eight assessment years as per the Income Tax Act, 1961. The Court relied on precedents such as General Motors India Pvt. Ltd. and Principal Commissioner of Income-tax v. Panchmahal Steel Ltd., affirming that unabsorbed depreciation can only be set off within the specified period. The appeal failed to introduce new arguments, leading to the affirmation of the Income Tax Appellate Tribunal's decision. en-us Mon, 05 Aug 2019 00:00:00 +0530 Thu, 08 Aug 2019 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384274 The Court dismissed the Tax Appeal, upholding the limitations on carrying forward unabsorbed depreciation beyond eight assessment years as per the Income Tax Act, 1961. The Court relied on precedents such as General Motors India Pvt. Ltd. and Principal Commissioner of Income-tax v. Panchmahal Steel Ltd., affirming that unabsorbed depreciation can only be set off within the specified period. The appeal failed to introduce new arguments, leading to the affirmation of the Income Tax Appellate Tribunal's decision. Case-Laws Income Tax Mon, 05 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384274