Held that the unabsorbed depreciation of asst. yrs. 1997-98 to 1999-2000 would become part of depreciation of assessment year 2002-03 and subsequent years and therefore, the same could be set off during any number of years in view of the provisions of s. 32(2) as amended by Finance Act, 2001. (AY. 2008-09)
ACIT v. J. K. Fenner (India) Ltd. (2022) 220 TTJ 595 (Chennai)(Trib)
S. 32 : Depreciation-Unabsorbed depreciation–Carry forward and set off-Could be set off during any number of years in view of the provisions of S. 32(2) as amended by Finance Act, 2001.[S. 32(2)]