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2017 (2) TMI 1377 - HC - Income TaxAppeal admitted for for the following question of laws:- Whether on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal was justified in directing the Assessing Office to allow set off of brought unabsorbed depreciation allowance for the Assessment Years 1995-96, 1998-99, 2000-01 and 2001-02 when there was specific prohibition as per clause (iii)(b) of Sub Section (2) of Section 32 to allow carry forward of unabsorbed depreciation allowance beyond 8 years from the assessment year for which the depreciation allowance was first computed? Whether on the facts and in the circumstances of the case in law, the Income Tax Appellate Tribunal is right in directing the Assessing Office to allow set off of brought unabsorbed depreciation allowance for the Assessment Years 1995-96, 1998-99, 2000-01 and 2001-02 by taking recourse to amendment which was brought in subsection (2) of Section 32 by way of Finance Act 2001 w.e.f. 1.4.2002, which did not operate retrospectively in respect of unabsorbed depreciation allowance of years prior to AY 2002 2003?
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