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2017 (4) TMI 1382 - HC - Income TaxThe appeal is, therefore, admitted on the following substantial questions of law: (1) Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in directing the Assessing Officer to allow carry forward and set-off of unabsorbed depreciation of A.Y. 1997-98 to 1998-99 against the profits of A.Y. 2008-09 without appreciating that as per the provisions of Section 32(2) as they stood prior to the amendment by Finance Act, 2001 w.e.f. 01.04.2002, such unabsorbed depreciation was eligible for carry forward and set-off against business profits only for a further period of appreciating that though the Hon'ble Supreme Court has dismissed the Department's SLP, it has neither upheld the Hon'ble High Court's view nor answered the Revenue's question?
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