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| The Tax Publishers2020 TaxPub(DT) 1579 (SC) INCOME TAX ACT, 1961
Section 261 Section 72
Where the department preferred SLP to appeal against the judgment of Gujarat High Court in Pr. CIT, Vadodara-3 v. . SNS Textiles Ltd. [R/Tax Appeal No. 403 of 2019, dt. 5-8-2019] : 2019 TaxPub(DT) 6080 (Guj-HC), whereby the High Court held that as the restriction of 8 years for carry forward and set-off of unabsorbed depreciation had been dispensed with as clarified by Circular No. 14 of 2001, dated 22-11-2001, the unabsorbed dereciation from assessment year 1996-97 up to the assessment year 2001-02 got carried forward to the assessment year 2002-03 and became part therefor, it came to be governed by section 32(2), as amended by Finance Act, 2001 and were available for carry forward and set-off against the profits and gains of subsequent years, without any limit, whatsoever, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Loss - Carry forward and set off--Unabsorbed depreciation--Effect of amendment in section 32(2) w.e.f. 1-4-1997 and CBDT Circular No. 14 of 2001
Department preferred SLP to appeal against the judgment of Gujarat High Court in Pr. CIT, Vadodara-3 v. . SNS Textiles Ltd. [R/Tax Appeal No. 403 of 2019, dt. 5-8-2019] : 2019 TaxPub(DT) 6080 (Guj-HC), whereby the High Court held that as the restriction of 8 years for carry forward and set-off of unabsorbed depreciation had been dispensed with as clarified by Circular No. 14 of 2001, dated 22-11-2001, the unabsorbed dereciation from assessment year 1996-97 up to the assessment year 2001-02 got carried forward to the assessment year 2002-03 and became part therefor, it came to be governed by section 32(2), as amended by Finance Act, 2001 and were available for carry forward and set-off against the profits and gains of subsequent years, without any limit, whatsoever.Held: The Supreme Court granted leave to department to appeal thereagainst.
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