2017 (6) TMI 1185

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....RANAV G DESAI, ADVOCATE FOR THE APPELLANT 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 ....

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....d 1989-90. The Assessing Officer was of the 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 ....

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.... such depreciation amount is larger than the amount 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 stil....

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.... unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from A.Y.1997-98 upto the A.Y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by Finance Act, 2001 and were available for carry forward and set off against the profits and gains of subsequent years, without any limit ....