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2022 (1) TMI 427 - HC - Income TaxUnabsorbed depreciation set off against short term capital gain - Period of limitation for carrying forward of Unabsorbed depreciation loss - Period of limitation for carrying forward of Unabsorbed depreciation loss - set off from other income relating to unabsorbed depreciation for the assessment year 1996- 97 upto 8 years only as per Section 32(2) - HELD THAT:- Issue decided against revenue in M/S. BEST & CROMPTON ENGINEERING LTD. [2021 (8) TMI 515 - MADRAS HIGH COURT] 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. - Decided against the Revenue.
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