Amended section 32(2) by Finance Act, 2001 applicable from A.Y. 2002-03 &subsequent years

ACIT Vs Starflex Sealing India (P) Ltd. (ITAT Mumbai) i) Amendment to Sec.32(2) by Finance Act 2001 is applicable from A.Y.2002-03 and subsequent years. Therefore, unabsorbed depreciation from A. Y 97-98 upto A. Y 2001 to got carried forward to the A. Y.2002-03 and become part thereof’, ii) It came to the governed by the provisions of Sec.32(2) as amended by Finance Act 2001 and was available for carry forward and set off against the profits and gains of subsequent years, without any limits whatsoever. FULL TEXT OF THE ITAT JUDGMENT This appeal has been filed by the Revenue against the o...