TMI Blog2017 (6) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... from the decision of the Division Bench of this Court in case of General Motors India P. Ltd. v. Deputy Commissioner of Income Tax [2012 (8) TMI 714 - GUJARAT HIGH COURT] wherein held Any unabsorbed depreciation 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, thus 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 amend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained to the assessment years 198788, 1988-89 and 1989-90. The Assessing Officer was of the opinion that in view of the amended provisions of section 32 of the Income Tax Act with effect from 01.04.1997, set off would not be allowable after eight years. He therefore denied the carry forward or depreciation determined upto 1989-90. The matter ultimately reached the Tribunal. The Tribunal by the impugned judgment, allowed the carry forward holding that the unabsorbed depreciation related to earlier years upto the assessment year 1996-97 and brought forward in those earlier years to the assessment year 1997-98 can be set off against the profit and gain of the assessee for the assessment year 1997-98 and if it is not possible to set off e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith 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 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. 4. This decision was followed in later judgment of this Court in case of Commissioner of Incometax v. Gujarat Themis Biosyn Ltd reported ..... X X X X Extracts X X X X X X X X Extracts X X X X
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