2016 (11) TMI 1424

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..... t 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 cam .....

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..... d depreciation of ₹ 6706559/- against the profits and gains of subsequent years without any limit. (ii) Whether in the facts and circumstances of the case, the ITAT has erred in directing to allow the unabsorbed depreciation brought forwarded from A.Y. 2001-02 and earlier years against the income of ₹ 15216223/- determined in the order u/s.143 (3)/154. 3. Learned counsel .....

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..... ue in the light of the judgments of the Hon'ble Gujarat High Court in the case of General Motors (India) Pvt. Ltd. (supra). Therefore, we do not see any reason to interfere with the order of the ld. CIT (A). The same is hereby confirmed. Ground Nos.1 2 raised by the revenue are rejected. 6. In view of the concurrent finding, no substantial question of law arises. The appeal being devoi .....

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