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2014 (5) TMI 555 - AT - Income TaxAllowability of carry forward of unabsorbed depreciation – Held that:- CIT(A) rightly followed General Motors India P. Ltd V/s DCIT [2012 (8) TMI 714 - GUJARAT HIGH COURT] and was of the view that Section 32(2) as amended by Finance Act, 2001 is applicable from assessment year 2002-03 and subsequent assessment years - Central Board of Direct Taxes Circular clarified the intent of the amendment that it is for enabling the industry to conserve sufficient funds to replace plant and machinery and accordingly the amendment dispenses with the restriction of eight years for carry-forward and set off of unabsorbed deprecation - any unabsorbed depreciation available to assessee on the date 1.4.2002(assessment year 2002-03), will be dealt with in accordance with the provision of section 32(2) as amended by the Finance Act, 2001 and not by provisions of section 32(2) as it stood before the amendment - there was no material produced by the CIT(A) – Decided against Revenue.
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