2009 (12) TMI 932

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..... ion (since assessment year 1988-89 to 1994-95) can be set off with the long term capital gain in view of the amendment made to Section 32(2) of the Finance Act, 1997 w.e.f. 1997-98. The Tribunal has answered this issue in affirmative and for this purpose it relied upon its earlier decision in the case of Income Tax Officer vs. Selchem Engineers (P) Ltd, 272 ITR 10 (AT). While giving this interpret .....

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..... that it is possible to construe the said provision in the manner decided by the Madras High Court as well as the Tribunal. In such circumstances, the speech of the Minister while introducing the proposed amendment which verified the intentions for introducing such an amendment would come to the aid of interpretation. We, thus, are of the opinion that no question of law arises and accordingly d .....

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