S.C : The unabsorbed depreciation as on 1st April, 1997 can be set off against the income from any Head for the immediate Assessment Year following 1st April, 1997 and thereafter if there still is any unabsorbed depreciation the same can be set off only against the Business Income for a period of eight (08) Assessment years.

Supreme Court Of India Peerless General Finance And Investment Co. Ltd. vs. CIT Ranjan Gogoi & N.V. Ramana, JJ. Special Leave To Appeal (C) No(S). 34124/2014 8th December, 2015 Counsel appeared: S. Ganesh, Sr. Adv. & S. Sukumaran, Anand Sukumar, Bhupesh Kumar Pathak, Meera Mathur, Advs., for the Petitioner. : Arijit Prasad, Mukti Chowdhary, Anil…

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