The Tribunal held that the unabsorbed depreciation for the assessment years 1993-94 to 1995-96 pertained to the period before April 1, 2001 and, therefore, could not be set off against the income of the assessment year 2003-04. The High Court remitted the matter for reconsideration holding that the assessee had not claimed any benefit or any deduction in respect of the years 1993-94, 1994-95, 1995-96 and no exemption was granted to the assessee. The intent of the Legislature while making these amendments was certainly not to curtail relief to an assessee, who had not availed of double benefit. Allowing the appeal of the assesse the Tribunal held, that it was not the Department’s case that any double benefit has been availed of by the assessee. The assessee would be eligible for set off of unabsorbed depreciation for the assessment years 1993-94 to 1995-96 against the income of the assessee for the assessment year 2003-04. Therefore the Assessing Officer was directed to allow set off of unabsorbed depreciation to the assessee.( AY. 2003-04)