https://www.taxtmi.com/caselaws?id=310583 The ITAT Rajkot held that unabsorbed depreciation can be carried forward beyond eight assessment years under Section 32(2) as amended by Finance Act 2001. Following the Gujarat HC decision in General Motors India case, the tribunal ruled that the assessee's unabsorbed depreciation was eligible for carry forward and set-off against profits of subsequent years, allowing the assessee's appeal against the disallowance. en-us Fri, 17 Oct 2014 00:00:00 +0530 Wed, 01 Nov 2023 21:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310583 The ITAT Rajkot held that unabsorbed depreciation can be carried forward beyond eight assessment years under Section 32(2) as amended by Finance Act 2001. Following the Gujarat HC decision in General Motors India case, the tribunal ruled that the assessee's unabsorbed depreciation was eligible for carry forward and set-off against profits of subsequent years, allowing the assessee's appeal against the disallowance. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310583