2004 (4) TMI 614

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..... t off against capital gain or not. Assessee had claimed set off of business loss which was because of carry forward of depreciation against short-term capital gain which was not allowed and hence the appeal before us. 2. Learned Authorised Representative submitted that carry forward depreciation was part of current depreciation so the same should have been allowed against the short-term capital .....

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..... ulative unabsorbed depreciation brought forward as on 1-4-1997 can still be set off against taxable business profits or income under any other head for assessment year 1997-98 and seven subsequent assessment years. Therefore, the proposed change will have effect only after 8 years and there is no cause for immediate concern about its likely impact on industry. Eight years is period long enough for .....

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