2020 (3) TMI 403 - SCH - Income Tax

Carry forward of unabsorbed depreciation beyond the period of eight assessment years - as per HC 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 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever - HELD THAT - SLP dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition after condoning the delay. The citation is 2020 (3) TMI 403 - SC Order. Justices involved were Rohinton Fali Nariman and S. Ravindra Bhat. Petitioner represented by Mr. K.M. Nataraj, ASG, Ms. Anita Sahani, Mr. Kumar Shashank, and Mrs. Anil Katiyar.