https://www.taxtmi.com/caselaws?id=189276 Brought forward unabsorbed depreciation was treated as available for set-off against short-term capital gain because the unabsorbed cumulative depreciation up to assessment year 1996-97 merged into the current depreciation pool for assessment year 1997-98. The Tribunal relied on the clarification in the Finance Minister's speech and CBDT Circular No. 672 dated 18-2-1998, and treated the amendment restricting carry forward of unabsorbed depreciation as prospective in operation. On that basis, the depreciation set-off was allowed. en-us Fri, 16 Apr 2004 00:00:00 +0530 Wed, 04 Jan 2017 14:17:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189276 Brought forward unabsorbed depreciation was treated as available for set-off against short-term capital gain because the unabsorbed cumulative depreciation up to assessment year 1996-97 merged into the current depreciation pool for assessment year 1997-98. The Tribunal relied on the clarification in the Finance Minister's speech and CBDT Circular No. 672 dated 18-2-1998, and treated the amendment restricting carry forward of unabsorbed depreciation as prospective in operation. On that basis, the depreciation set-off was allowed. Case-Laws Income Tax Fri, 16 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189276