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2022 (9) TMI 1475 - AT - Income TaxDisallowance of unabsorbed brought forward depreciation which is beyond eight Assessment Years - HELD THAT:- This issue is squarely covered by Jurisdictional High Court which has considered the amendments made in the Finance Act, 2001 and CBDT Circular No. 14 of 2002, which clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from AY 1997-98 to 2001- 02 got carried forward to the assessment year 2002-03 and became part thereof. Thus the assessee is eligible to carry forward and the set off against the profits and gains of subsequent years, without any limit whatsoever. Recording the above submission of the D.R. and CIT(A) who has followed the jurisdictional High Court judgment in the case of General Motors (India) Pvt. Ltd. [2012 (8) TMI 714 - GUJARAT HIGH COURT] - Appeal filed by the Revenue is hereby dismissed.
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