Dismissing the appeal of the revenue the Court held that unabsorbed depreciation relating to the assessment year 1997-98 to 200-01 was eligible for set off against income for the assessment year 2005-06. Circular No. 14 of 2001 dated November 9, 2001 ([2001] 252 ITR (St.) 65, 90). (AY.2007-08)
CIT v. KMC Speciality Hospitals India Ltd. (2021)436 ITR 534/ 283 Taxman 13 (Mad.)(HC)
S. 32 : Depreciation-Carry forward and set off-Unabsorbed depreciation on 1-4-2002 can be carried forward and set off without taking into account number of years of such carry forward. [S. 32 (2)]