Provisions of section 32 (2) as amended w.e.f. 1st April ,1997 permit set off of brought forward unabsorbed depreciation firstly against the business profits and then against income under any other head in Asst Year 1997‐98 and subsequent assessment years for a period of eight years ,therefore unabsorbed depreciation for the period up to assessment year 1996‐97 could be brought forward and set off against income chargeable under the head income from other sources. ( A.ys 1989 to 2002‐03).
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