Unabsorbed depreciation of A.Y.s 1997-98 to 2000-01 can be carried forward and set off without any limit

DCIT Vs Windsor Machines Limited (ITAT Pune) ITAT Pune held that unabsorbed depreciation pertaining to A.Y.s 1997-98 to 2000-01 is to be allowed carried forward and set off against the profits and gains of subsequent years without any limit whatsoever. Facts- The present appeal has been filed by the revenue against order passed by the CIT(A) challenging action of CIT(A) in allowing carry forward of unabsorbed depreciation of Rs. 19,89,09,661/- pertaining to A.Y.s 1997-98 to 2000-01 for set off without any time limit. Conclusion- Hon’ble Supreme Court in the case of Petrofils Co-operative Lt...