Setting off of unabsorbed depreciation against income after lapse of 8 years allowable

Harvey Heart Hospitals Ltd. Vs. ACIT (Madras High Court) Conclusion: Unabsorbed depreciation pertaining to the assessment year 1997-98 to 2001-02 can be carry forward and adjusted after the lapse of eight assessment years in view of the section 32(2) as amended by the Finance Act, 2001. Held:  In the instant case, with regard to dis-allowance on gains on slump sale and omission to set off business loss, assessee-company raised a plea that the sale of business assets though computed under the head income from capital gains, the sale would partake the character of the business income and accord...