https://www.taxtmi.com/caselaws?id=252330 Enforcement of a secured asset under SARFAESI does not by itself amount to a transfer of ownership by the borrower; the lender's taking possession and sale are recovery measures, so short-term capital gains were not chargeable on that basis. The adjustment or waiver of loan dues in that enforcement process was also not treated as taxable income under the provisions invoked. On unabsorbed depreciation, the amended section 32(2) removed the earlier eight-year restriction from assessment year 2002-03 onwards, so depreciation carried forward from earlier years and available on 1 April 2002 could be carried forward and set off without time limit. en-us Fri, 22 Aug 2014 00:00:00 +0530 Sat, 18 Oct 2014 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252330 Enforcement of a secured asset under SARFAESI does not by itself amount to a transfer of ownership by the borrower; the lender's taking possession and sale are recovery measures, so short-term capital gains were not chargeable on that basis. The adjustment or waiver of loan dues in that enforcement process was also not treated as taxable income under the provisions invoked. On unabsorbed depreciation, the amended section 32(2) removed the earlier eight-year restriction from assessment year 2002-03 onwards, so depreciation carried forward from earlier years and available on 1 April 2002 could be carried forward and set off without time limit. Case-Laws Income Tax Fri, 22 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252330