Unabsorbed depreciation of AYs 1997-98 to 2001-02 not eligible for relief granted by amended s. 32(2) in AY 2002-03- Special Bench Reverses S. 32 Depreciation Law

DCIT Vs. Times Guaranty (ITAT Mumbai Special Bench)

Till AY 1996- 97 unabsorbed depreciation could be set off against income under any head. From AY 1997-98 to 2001-2002 unabsorbed depreciation could be set off only against business income. From AY 2002-2003 on wards unabsorbed depreciation could again be set off against income under any head of income.

The question before the Special Bench was whether in AY 2003- 04, the unabsorbed depreciation

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