Section 32, 37 of Income tax Act, 1961— carry forward of unabsorbed depreciation— The revenue has proposed the following questions of law—
Whether ITAT has erred in allowing carry forward of unabsorbed depreciation following Circular No.14 of 2001 without appreciating that the amendment to the Finance Act was prospective?
Whether ITAT has erred in holding that the assessee is entitled to claim of deferred revenue expenditure of Rs. 18,82,326/- by not appreciating that the assessee would get double benefit by way of one-tenth of expenditure once the fresh claims in A.Y.2006-07 and 2007-08 are allowed?

Held that—So far as the first question is concerned, the same is squarely covered by the decision of this Court in the case of General Motors India Private Limited Vs. Deputy Commissioner of Income Tax reported in 354 ITR 244.

With regard to second question, appellant invited our attention to the order passed by the Commissioner of Income-tax wherein observed the appellant's ground for allowing 1/10th of amortized expenses for A.Y.0809 to 1213 would stand dismissed.[THE PRINCIPAL COMMISSIONER OF INCOME TAX-1 VERSUS ANKUR PROTEIN INDUSTRIES LTD.][2019] 16 ITCD Online (19) [GUJARAT HIGH COURT]