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2014 (11) TMI 108 - HC - Income TaxEntitlement to set off of unabsorbed depreciation of earlier years – Effect of amendment to section 32(2) w.e.f. 01.04.1997 - Held that:- The Tribunal rightly holding that the assessee is entitled to set off of unabsorbed depreciation of earlier years in order to arrive at the total income - Prior to the amendment, assessee was entitled to set off of unabsorbed depreciation - It is only by way of this amendment, it was denied the said benefit - even before the expiry of 8 years period, the amended provision was deleted and the original provision was restored - In other words, this amended provision never came into force at all - When that being the case, the question of denying the benefit to the assessee did not arise – thus, the order of the Tribunal is upheld – Decided against revenue.
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