Held, dismissing the appeal, that the Tribunal was justified in confirming the order of the Commissioner (Appeals) allowing carry forward and set off of unabsorbed depreciation of the assessment years 1996-97 to 1998-99 and the amount on account of increase in written down value for the assessment years 2004-05 and 2005-06, in the assessment year 2007-08, without any limitation of period. Circular No. 14 of 2001 dated November 9, 2001 ([2001] 252 ITR (St.) 65), Finance Act, 2001 [2001] 249 ITR (St.) 37. General Motors India (P.) Ltd. v. Dy. CIT (2013) 354 ITR 244 (Guj)(HC) (AY.2007-08)
PCIT v. Vishaldeep Spinning Mills Ltd [2023] 153 taxmann.com 372 / (2024) 465 ITR 524 (Guj)(HC) Editorial : SLP of Revenue is dismissed, PCIT v. Vishaldeep Spinning Mills Ltd. (2024)465 ITR 530/299 Taxman 368 (SC)
S. 32 : Depreciation-Carry forward and set off of unabsorbed depreciation-Amendment of Section 32(2) by Finance Act, 2001-Unabsorbed depreciation or part thereof not set off till Assessment year 2002-03-Carry forward and set off permitted without limit.[S. 32(2) 260A]