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2019 (8) TMI 656 - HC - Income TaxDisallowance of carry forward of unabsorbed depreciation - whether circular NO.14 of 2001 had clarified that the amendment to the Finance Act was prospective? - HELD THAT:- The issue raised by the Revenue is no longer res integra in view of the decision of this Court in the case of General Motors Pvt Ltd vs. Deputy CIT [2012 (8) TMI 714 - GUJARAT HIGH COURT] as held that once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y.1997-98 upto the A.Y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by 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 - writ petition allowed in favour of assessee.
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