https://www.taxtmi.com/caselaws?id=410007 The court upheld the Income Tax Appellate Tribunal's decision allowing the assessee to set off unabsorbed depreciation from Assessment Year 1997-98 against income from Assessment Year 2008-09, beyond the eight-year limit stipulated in Section 32(2) of the Income Tax Act pre-amendment. The court interpreted the amendment to Section 32(2) as removing the time limit for carrying forward unabsorbed depreciation from Assessment Year 2002-03 onwards, enabling indefinite carry forward. The appeal was dismissed, affirming the Tribunal's decision in favor of the assessee, with costs not awarded to either party. en-us Tue, 20 Jul 2021 00:00:00 +0530 Wed, 21 Jul 2021 21:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410007 The court upheld the Income Tax Appellate Tribunal's decision allowing the assessee to set off unabsorbed depreciation from Assessment Year 1997-98 against income from Assessment Year 2008-09, beyond the eight-year limit stipulated in Section 32(2) of the Income Tax Act pre-amendment. The court interpreted the amendment to Section 32(2) as removing the time limit for carrying forward unabsorbed depreciation from Assessment Year 2002-03 onwards, enabling indefinite carry forward. The appeal was dismissed, affirming the Tribunal's decision in favor of the assessee, with costs not awarded to either party. Case-Laws Income Tax Tue, 20 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410007