Dismissing the appeal of the revenue the Court held that the Tribunal was justified in directing the Assessing officer to allow carry forward and set off unabsorbed depreciation against the business profits. (Followed General Motors India (P) Ltd (2013) 354 ITR 244 (Guj.)(HC), PCIT v. Associated Cables (P) Ltd ITA No. 293 of 2016 dt. 2-08-2018, CIT v. Confidence Petroleum (I) Ltd, ITA No. 582 of 2014 CIT v. Milton’s (P) Ltd., ITA No 2301 of 203, Times Guaranty Ltd. v. Dy. DIT, ITA No 841 of 2011 and 842 of 2011 of (2011) (AY. 2008 -09)
CIT v. Associated Cables (P.) Ltd. (2019) 105 taxmann.com 113/263 Taxman 251 (Bom.)(HC) Editorial: SLP of revenue is dismissed; CIT v. Associated Cables (P.) Ltd. (2019) 263 Taxman 250 (SC)
S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and set off-Eligible and for carry forward and set off against business profits. [S. 32(2)]