Tribunal held that in view of provisions of S. 32(2) as amended by Finance Act, 2001, unabsorbed depreciation pertaining to assessment year 1997-98, was allowed to be carried forward and adjusted after lapse of 8 years. (AY. 2006 -07)
Bhagwati Gases Ltd. v. DCIT (2019) 176 ITD 609 (Kol.)(Trib.)
S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and set off – Unabsorbed depreciation pertaining to assessment year 1997-98, was allowed to be carried forward and adjusted after lapse of 8 years. [S. 32(2)]