High Court held that Tribunal’s order by rejecting revenue’s plea to effect that Tribunal was not justified in allowing assessee benefit of carry forward and set off of unabsorbed depreciation for assessment year 1997-98 against income of assessment year 2005-06 which was in accordance with provision of section 32(2) as amended by Finance Act 2001 with effect from 1-4-2002. (Followed General Motors India (P.) Ltd. v. Dy. CIT ( 2012) 25 taxmann.com 364/210 taxman 20 (Mag.) (Guj.)(HC)
PCIT v. Panchmahal Steel Ltd. (2019) 106 taxmann.com 131 / 264 Taxman 20 (Guj.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Panchmahal Steel Ltd. (2019) 264 Taxman 19 (SC)
S. 32 : Depreciation-Unabsorbed depreciation-Set off of- Benefit of carry forward and set off of unabsorbed depreciation for assessment year 1997-98 is allowed against income of assessment year 2005-06. [S. 32(2)]