Dismissing the appeal of the revenue the Court held that; unabsorbed depreciation pertaining to assessment year 1997-98 to assessment year 2001-02 was allowed to be carried forward and adjusted after lapse of 8 assessment years in view of section 32(2) as amended by Finance Act, 2001. (Followed CIT v. Hindustan Unilever Ltd ( 2017) 394 ITR 73 (Bom.) (HC) (AY. 1997-98 to 2001-02)
CIT v. Bajaj Hindustan Ltd. (2019) ( 2019) 103 taxmann.com 31 (Bom.)(HC) Editorial: SLP of revenue is dismissed; CIT v. Bajaj Hindustan Ltd ( 2019( 261 Taxman 558 (SC)// 411 ITR 3(St.)(SC)
S. 32 : Depreciation–Unabsorbed depreciation pertaining to assessment year 1997-98 to assessment year 2001-02 was allowed to be carried forward and adjusted after lapse of 8 assessment years in view of section 32(2) as amended by Finance Act, 2001 [S. 32(2)]