Dismissing the appeal of the revenue the Court held that unabsorbed depreciation pertaining to assessment year 1997-98 could be allowed to be carried forward and set off after a period of eight years without any limit whatsoever in accordance with section 32(2) as amended by Finance Act, 2001. Followed General Motors India (P) Ltd (2013) 354 ITR 244 (Guj)) (HC)) (AY. 1997-98)
PCIT v. Petrofils Co-op. Ltd. (2021) 130 taxmann.com 190 (Guj.)(HC) Editorial : SLP of revenue was dismissed ; PCIT v. Petrofils Co-op. Ltd. (2021) 282 Taxman 319 (SC)
S. 32(2) : Depreciation-Unabsorbed depreciation-Set-off-Allowed to be carried forward and set off after a period of eight years without any limit as per section 32 (2) as amended by Finance Act, 2001. [S. 32]