https://www.taxtmi.com/caselaws?id=463152 The ITAT Ahmedabad held that the revision under section 263 was not justified for disallowing the set-off of unabsorbed depreciation, as the issue had been settled by the jurisdictional HC in favor of allowing carry forward and set off of unabsorbed depreciation for the assessment years 1997-98 to 2001-02. The tribunal found no reason to invoke section 263 merely due to amendments in the provisions. Consequently, the appeal was allowed, and the assessment was restored without modification. en-us Tue, 12 Apr 2016 00:00:00 +0530 Fri, 08 Aug 2025 20:58:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463152 The ITAT Ahmedabad held that the revision under section 263 was not justified for disallowing the set-off of unabsorbed depreciation, as the issue had been settled by the jurisdictional HC in favor of allowing carry forward and set off of unabsorbed depreciation for the assessment years 1997-98 to 2001-02. The tribunal found no reason to invoke section 263 merely due to amendments in the provisions. Consequently, the appeal was allowed, and the assessment was restored without modification. Case-Laws Income Tax Tue, 12 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463152