Sec 32(2) amended by FA, 2001applies to Unabsorbed depreciation of prior period

Brief of case: Any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A. Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. And once the Circular No. 14 of 2001 clarified that the restriction of 8 years for carry forward and set off of 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 2002-03and became part thereof, it came to be governed by the provisions of section 32(2) as amended by Finance Act,...