Dismissing the appeal of the revenue the High Court held that the Tribunal is justified in holding that unabsorbed depreciation of amalgamating company pertaining to assessment years 1994-95 to 1998-99 was rightly set off against income of amalgamated company for assessment year 2008-09 i.e. beyond period of eight years as per amended section 32(2) of the Act. Followed General Motors India (P.) Ltd. v. Dy. CIT (2013) 354 ITR 244 (Guj) (HC), CIT v. Hindustan Unilever Ltd. (2017) 394 ITR 73 (Bom.)(HC). (AY. 2008-09)
PCIT v. Supreme Petrochem Ltd. (2020) 115 taxmann.com 221 (Bom.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Supreme Petrochem Ltd. (2020) 275 Taxman 8 (SC)
S. 32 : Depreciation-Unabsorbed depreciation-Amalgamation-Unabsorbed depreciation of amalgamating company allowed to be set off against income of amalgamated company for assessment year 2008-09 i.e. beyond period of eight years [S.32].