2004 (4) TMI 614

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.... one dispute i.e., whether brought forward, depreciation, loss could be set off against capital gain or not. Assessee had claimed set off of business loss which was because of carry forward of depreciation against short-term capital gain which was not allowed and hence the appeal before us. 2. Learned Authorised Representative submitted that carry forward depreciation was part of current deprec....

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....llay these fears. The proposed amendment is only prospective inasmuch as the cumulative unabsorbed depreciation brought forward as on 1-4-1997 can still be set off against taxable business profits or income under any other head for assessment year 1997-98 and seven subsequent assessment years. Therefore, the proposed change will have effect only after 8 years and there is no cause for immediate co....