ITAT allows Carry Forward of Unabsorbed Depreciation Pertaining to AY.s 1997-98 to 2000-01 for Unrestricted Set off [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune bench, has allowed the carry forward of unabsorbed depreciation from assessment years 1997-98 to 2000-01 for set-off without any time limit. Windsor Machines Limited, the assessee, sought to set off unabsorbed depreciation waiver amounting to Rs. 19,89,09,661/- from A.Ys. 1997-98 to 2000-01. However, the Assessing Officer (AO) restricted…