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 Fin

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