17 August 2009
My company is having unabsorbed depreciation of Rs. 600000/- pertaining to A.Y.99-2000 when unabsorbed depreciation was eligible to be carried forwarded upto 8 assessment years.
In 2002-03, the law was amended and the limit of carry forward of unabsorbed depreciation was made for indefinite period instead of 8 years.
My query is - can i set off the unabsorbed depreciation of A.Y. 99-2000 against my income for A.Y. 2009-10.
17 August 2009
In my opinion, it can't be done becz if the law has been changed, then it has always has the propective effect unless otherwise stated. & amendment made 2002-03 can't be applied to 99-00
CAclubindia
