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Issues involved: Interpretation of Section 32(2) of the Finance Act, 1997 regarding set off of brought forward unabsorbed depreciation with long term capital gain.
Judgment Summary: Issue 1: Set off of unabsorbed depreciation with long term capital gain The issue in this case revolved around whether the brought forward unabsorbed depreciation could be set off with the long term capital gain following an amendment to Section 32(2) of the Finance Act, 1997. The Tribunal, relying on a previous decision and the Finance Minister's speech, answered this issue affirmatively. The Madras High Court also interpreted the provision similarly based on the Minister's speech. The Court observed that the provision could be construed in the same manner as decided by the Tribunal and the Madras High Court. Therefore, the Court concluded that no question of law arose and dismissed the appeal. In conclusion, the Court upheld the Tribunal's decision and the interpretation of the provision based on the Finance Minister's speech, affirming the set off of brought forward unabsorbed depreciation with long term capital gain as per the amended Section 32(2) of the Finance Act, 1997.
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