https://www.taxtmi.com/caselaws?id=379042 The High Court held that unabsorbed depreciation could not be carried forward and set off against short term capital gains under the Finance Act, 1996, rejecting the retrospective application of subsequent amendments. Additionally, the Court ruled that short term capital gains should be treated as "income from other sources," not as business income, and dismissed the appellant's claim for set off. The matter was remanded to the Assessing Authority for fresh consideration for the Assessment Year 2001-2002, allowing the appellant to present contentions within six months. The appeal was disposed of without costs to either party. en-us Wed, 03 Apr 2019 00:00:00 +0530 Fri, 26 Apr 2019 08:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379042 The High Court held that unabsorbed depreciation could not be carried forward and set off against short term capital gains under the Finance Act, 1996, rejecting the retrospective application of subsequent amendments. Additionally, the Court ruled that short term capital gains should be treated as "income from other sources," not as business income, and dismissed the appellant's claim for set off. The matter was remanded to the Assessing Authority for fresh consideration for the Assessment Year 2001-2002, allowing the appellant to present contentions within six months. The appeal was disposed of without costs to either party. Case-Laws Income Tax Wed, 03 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379042