https://www.taxtmi.com/caselaws?id=308523 The Revenue's appeal against the deletion of an addition of unabsorbed brought forward depreciation beyond eight assessment years was dismissed based on the jurisdictional High Court's judgment. The court clarified that the restriction of eight years for carrying forward and setting off unabsorbed depreciation has been removed, allowing taxpayers to carry it forward without any limit. The decision emphasizes following the amendments in the Finance Act, 2001 and CBDT Circular No. 14 of 2002, ensuring taxpayers' entitlement to benefits within the law's scope and precedent set by the High Court. en-us Fri, 16 Sep 2022 00:00:00 +0530 Sat, 01 Jul 2023 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308523 The Revenue's appeal against the deletion of an addition of unabsorbed brought forward depreciation beyond eight assessment years was dismissed based on the jurisdictional High Court's judgment. The court clarified that the restriction of eight years for carrying forward and setting off unabsorbed depreciation has been removed, allowing taxpayers to carry it forward without any limit. The decision emphasizes following the amendments in the Finance Act, 2001 and CBDT Circular No. 14 of 2002, ensuring taxpayers' entitlement to benefits within the law's scope and precedent set by the High Court. Case-Laws Income Tax Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308523