https://www.taxtmi.com/caselaws?id=417908 The High Court remitted the issue of carrying forward unabsorbed depreciation from AYs 1997-98 to 1999-2000 back to the Tribunal. The Tribunal allowed the set-off, citing the amendment in Section 32(2) from AY 2002-03 onwards. It held that unabsorbed depreciation could be carried forward indefinitely. Regarding disallowance under Section 14A, the Tribunal directed the AO to record objective satisfaction before applying Rule 8D and restricted disallowance to the extent of exempt income. The Tribunal dismissed the Revenue's appeal, partly allowed the assessee's appeal, and directed a re-examination of the disallowance under Section 14A. en-us Fri, 21 Jan 2022 00:00:00 +0530 Thu, 03 Feb 2022 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417908 The High Court remitted the issue of carrying forward unabsorbed depreciation from AYs 1997-98 to 1999-2000 back to the Tribunal. The Tribunal allowed the set-off, citing the amendment in Section 32(2) from AY 2002-03 onwards. It held that unabsorbed depreciation could be carried forward indefinitely. Regarding disallowance under Section 14A, the Tribunal directed the AO to record objective satisfaction before applying Rule 8D and restricted disallowance to the extent of exempt income. The Tribunal dismissed the Revenue's appeal, partly allowed the assessee's appeal, and directed a re-examination of the disallowance under Section 14A. Case-Laws Income Tax Fri, 21 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417908