Held that in view of amended section 32(2) with effect from 1-4-2002, unabsorbed depreciation of assessment year 1997-98 could be allowed to be carried forward and set-off after a period of 8 years without any limit whatsoever. (AY. 2008-09)
PCIT v. JCT Ltd. (2022) 285 Taxman 510 (Cal.)(HC)
S. 32 : Depreciation-Unabsorbed depreciation-Period of carry forward-In view of amended section 32(2) by Finance Act, 2001 with effect from 1-4-2002, unabsorbed depreciation of assessment year 1997-98 could be allowed to be carried forward and set-off after a period of 8 years. [S. 32(2)]