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<h1>Assessee permitted to set off unabsorbed depreciation against other income.</h1> The High Court of Bombay allowed the assessee to set off unabsorbed depreciation against income under other heads, following a precedent in CIT v. Estate ... Depreciation The High Court of Bombay ruled in favor of the assessee, allowing the set off of unabsorbed depreciation against income under other heads. The decision was based on a previous judgment in CIT v. Estate and Finance Ltd. [1978] 111 ITR 119.