Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years-High Court
January 15, 2018
High Courts, Income Tax, Judgments
Amendment to section 32(2) is not prospective. Unabsorbed depreciation can be carried forward beyond 8 years, prior to amendment-High Court Prelude: Section 32(2) of the Income Tax Act, 1961 (“the Act”) provides that where due to loss or inadequate profits in any year, full depreciation allowance could not …