Held that unabsorbed depreciation is allowed to be carried forward and set off after a period of eight years from assessment year 1997-98, without any limit. whatsoever in accordance with section 32(2) as amended by Finance Act, 2001. (AY. 2008-09, 2010-11 & 2011-12)
Tamil Nadu Small Industries Corporation Ltd. v. ACIT (2025) 303 Taxman 129 (Mad.)(HC)
S. 32 : Depreciation-Unabsorbed depreciation-Allowed to be carried forward and set off after a period of eight years from assessment year 1997-98, without any limit. [S.32(2)]
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