Dismissing the appeal of the revenue the High Court held that the Tribunal is justified in holding that unabsorbed depreciation loss for assessment year 1995-96 to be carried forward and set off against future profits beyond eight years holding that amendment by Finance Act, 2001 and CBDT Circular No. 14/2001 was applicable retrospectively. Followed CIT v. Hindustan Unilever Ltd. (2017) 394 ITR 73 (Bom)(HC) (AY. 2004-05)
CIT v. Bhima Sahakari Sakhar Karkhana Ltd. (2020) 121 taxmann.com 6 (Bom.)(HC) Editorial : SLP of revenue is dismissed, CIT v. Bhima Sahakari Karkhana Ltd. (2020) 275 Taxman 390 (SC)
S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and set off of-Unabsorbed depreciation loss for assessment year 1995-96 to be carried forward and set off against future profits beyond eight years holding that amendment by Finance Act, 2001 and CBDT Circular No. 14/2001 was applicable retrospectively. [S. 32 (2), 72]