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 busi

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