2010 (3) TMI 984

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....2005 passed in ITA No. 1408/Bang/2002 for the Assessment Year 1997-98, praying that this Hob'ble Court may be pleased to: i. formulate the substantial questions of law stated therein, ii. allow the appeal and set aside the orders passed by the ITAT, in ITA No. 1408/Bang/2002 dated 31-05-2005 confirming the order of the Appellate Commissioner and confirm the order passed by the Deputy Commiss....

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....e Act being only a clarificatory in nature should be read retrospectively and made applicable to all pending matters including that of the assessee. 2. Heard the counsel for the parties. 3. The assessee who is engaged in the business of manufacturing of cement filed the return of income for the year 1997-98 declaring the loss and it has not claimed depreciation. The matter was taken up for s....