Constitution of Special Bench on set-off of unabsorbed depreciation u/s 32 (2)

A Special Bench in the case of M/s Times Guaranty Ltd has been constituted to decide the following question:

“On the facts and circumstances of the case, whether the unabsorbed depreciation relating to A.Y. 1997-1998 to 1999-2000 is to be dealt with in accordance with the Provisions of Section 32(2) as applicable for A.Y. 1997-1998 to 1999-2000 as claimed by the revenue or the same has to be dealt with in accordance with the said provisions as applicable to A. Y. 2003-04 and 04-05 as claimed by the Assessed”

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