https://www.taxtmi.com/caselaws?id=467579 Unabsorbed depreciation available on 1 April 2002 was governed by the amended Section 32(2) of the Income-tax Act, 1961, and could be carried forward without the earlier eight-year limit. Once brought into the post-amendment regime, it assumed the character of current depreciation and could be set off against income under any head, including house property and short-term capital gains. Applying that interpretation and the jurisdictional High Court view, the ITAT held that the restrictive treatment adopted by the lower authorities was incorrect and deleted the disallowance. en-us Tue, 18 Feb 2025 00:00:00 +0530 Tue, 24 Mar 2026 12:16:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467579 Unabsorbed depreciation available on 1 April 2002 was governed by the amended Section 32(2) of the Income-tax Act, 1961, and could be carried forward without the earlier eight-year limit. Once brought into the post-amendment regime, it assumed the character of current depreciation and could be set off against income under any head, including house property and short-term capital gains. Applying that interpretation and the jurisdictional High Court view, the ITAT held that the restrictive treatment adopted by the lower authorities was incorrect and deleted the disallowance. Case-Laws Income Tax Tue, 18 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467579