HC clarifies on Carry forward of unabsrobed depreciation on 1st day of April, 2002

Pr. CIT Vs. British Motor Car Co. (Delhi High Court) Central Board of Direct Taxes  Circular No. 14 of 2001 clarifies the intent of the amendment that it is for enabling the industry to conserve sufficient funds to replace plant and machinery and accordingly the amendment dispenses with the restriction of eight years for carry forward and set off of unabsorbed depreciation. The amendment is applicable from the assessment year 2002–03 and subsequent years. This means that any unabsorbed depreciation available to an assessee on the 1st day of April, 2002 (the assessment year 2002–03...