02 October 2008
For FY 2000-01 (AY 2001-02), the carry forward of unabsorbed depreciation was restricted to 8 years. A Company X has an unabsorbed depreciation of Rs 2 cr for FY 2000-01 which is supposed to lapse in FY 2008-09.
Now I have received an opinion that such unabosorbed depreciation for FY 2000-01 would not lapse since the law has been changed before this carried forward depreciation has lapsed. Is this opinion okay?
03 October 2008
Yes, now there is no limit to carry forward UNAb. depreciation. Whatever is unabsorbed for the year of change in law will be treated as per changed law.
CAclubindia
