TMI Blog2018 (2) TMI 1902X X X X Extracts X X X X X X X X Extracts X X X X ..... GH COURT] CBDT circular No.14 of 2001 dated 22nd November, 2001 to hold that any unabsorbed depreciation which is available on 1st day of April, 2001 would be dealt with in accordance with the provisions of Section 32(2) as amended by the Finance Act of 2001. The Circular No.14 of 2001 issued by the CBDT clarifies that restriction of eight years to carry forward and set off the unabsorbed depreci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f law (i) Whether on the facts and in circumstances of the case, the Hon'ble Tribunal was right in law by allowing the 'Unabsorbed Depreciation' allowances worked out even after eight subsequent assessment years, ignoring the amendment of section 32 (2) by the Finance Act, 2001? (ii) Whether on the facts and in circumstances of the case, the Hon'ble Tribunal was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d judgment observed as under ........... 6 (c) We find that the impugned order of the Tribunal while allowing the Assessee respondents' claim follows the decision of the Gujarat High Court in General Motors India (P.) Ltd. V. Dy. CIT [2013] 354 ITR 244/[2012] 210 Taxman 20/25 taxmann.com 364 wherein on identical facts it was held that the unabsorbed depreciation for the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arried forward depreciation from Assessment Year 2002 03 onwards. No decision contrary to the decision of the Gujarat High Court has been shown to us. It is clarified that although the decision of the Gujarat High Court was rendered in context of re opening notice it has also examined the issue on merits and drew support from the CBDT circular which is beneficial to the assessee to conclude as a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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