Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1591 - GUJARAT HIGH COURTCarry forward and set off of Depreciation beyond 8 years - unabsorbed depreciation u/s 32(2) - Held that:- keeping in view the purpose of the amendment of section 32(2) of the Act, a purposive and harmonious interpretation has to be taken. The court, accordingly, held that the provisions of section 32(2) of the Act, as amended by the Finance Act, 2001, would allow the unabsorbed depreciation allowance available in assessment years 1997-98, 1999-2000, 2000-01 and 2001-02 to be carried forward to the succeeding years, and if any unabsorbed depreciation or part thereof could not be set off till the assessment year 2002-03, then it would be carried forward till the time it is set off against the profits and gains of subsequent years. - Decided against the revenue.
|