2017 (6) TMI 1185

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....ELLANT MRS SWATI SOPARKAR, ADVOCATE FOR THE RESPONDENT ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. This appeal is filed by the Revenue challenging the judgment of the Income Tax Appellate Tribunal dated 26.10.2005. The appeal has been admitted for consideration of following substantial question of law. "(A) Whether on the facts and in the circumstances of the case the Income ....

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....e opinion that in view of the amended provisions of section 32 of the Income Tax Act with effect from 01.04.1997, set off would not be allowable after eight years. He therefore denied the carry forward or depreciation determined upto 1989-90. The matter ultimately reached the Tribunal. The Tribunal by the impugned judgment, allowed the carry forward holding that the unabsorbed depreciation relate....

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.... of the profits of that business, then such excess comes for absorption from the profits and gains from any other business or business, if any, carried on by the assessee. If a balance is left even thereafter, that becomes deductible from out of income from any source under any of the other heads of income during that year. In case there is a still balance left over, it is to be treated as unabsor....