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2019 (8) TMI 463 - GUJARAT HIGH COURTCarry forward of unabsorbed depreciation beyond the period of eight assessment years - HELD THAT:- The questions of law as proposed by the Revenue are no longer res integra in view of the decision of this Court in the case of General Motors India Pvt. Ltd. vs. Dy CIT [2012 (8) TMI 714 - GUJARAT HIGH COURT], held that any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A.Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever. The decision in General Motors India Pvt. Ltd. (supra), later came to be followed by this Court in the case of Pr. CIT v. Panchmahal Steel Ltd. [2018 (9) TMI 1815 - GUJARAT HIGH COURT]. The SLP preferred by the Revenue before the Supreme Court [2019 (4) TMI 225 - SC ORDER] against the order passed in Panchmahal Steel Ltd (supra) has been dismissed
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