https://www.taxtmi.com/caselaws?id=70302 The Special Bench dismissed the appeal, ruling in favor of the revenue. It concluded that under section 32(2)(iii) of the Income-tax Act, 1961, the appellant could not set off brought forward depreciation loss against capital gains. The decision emphasized strict adherence to statutory provisions, denying the appellant's claim based on the specific facts and legal framework applicable to the assessment years involved. No costs were awarded. en-us Tue, 25 Jul 2006 00:00:00 +0530 Fri, 01 Mar 2024 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70302 The Special Bench dismissed the appeal, ruling in favor of the revenue. It concluded that under section 32(2)(iii) of the Income-tax Act, 1961, the appellant could not set off brought forward depreciation loss against capital gains. The decision emphasized strict adherence to statutory provisions, denying the appellant's claim based on the specific facts and legal framework applicable to the assessment years involved. No costs were awarded. Case-Laws Income Tax Tue, 25 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70302