High 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. SLP filed by the Revenue is dismissed. (AY. 2007-08)
PCIT v. Vishaldeep Spinning Mills Ltd. (2024) 299 Taxman 368 / 465 ITR 530 (SC) Editorial : PCIT v. Vishaldeep Spinning Mills Ltd(2023) 153 taxmann.com 372 / (2024) 465 ITR 524 (Guj)(HC)
S. 32 : Depreciation-Carry forward and set off-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-SLP of Revenue is dismissed. [S. 32(2), Art. 136]