TMI Blog2016 (8) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 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 A.Y. 2001-02 got ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 2007-08 by which an appeal preferred by the revenue was dismissed. The aggrieved revenue has once again come up in appeal, which is at the admission stage. The facts and circumstances of the case are as follows:- The assessment order was passed on 23rd November, 2009 allowing depreciation under section 32 of the Income Tax Act, which was sought to be revoked and restricted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cordance with the provisions of the Income-tax Act, 1961. The A.O. is also directed to allow to carry forward unabsorbed depreciation for A.Ys.2000-2001 and 2001-02 to be set off against the profits and gains of subsequent years beyond the limit of eight years after verifying the correctness of the unabsorbed depreciation as per the provisions of the Act. Challenging the aforesaid order, the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment 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. Mr.Dudhoria, learned advocate is unable to show any infirmity in the view taken by the Gujarat High Court and he does not dispute t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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