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<h1>Interpretation of Income-tax Act on set-off rules: HC ruling favors Revenue, follows precedent, no costs awarded.</h1> The HC of Calcutta ruled in favor of the Revenue on the interpretation of Income-tax Act provisions regarding set off of brought forward losses and ... Depreciation, Priority Industry, Special Deduction The High Court of Calcutta ruled on the interpretation of Income-tax Act provisions regarding set off of brought forward losses and deduction of unabsorbed depreciation. The court decided in favor of the Revenue on both questions referred. The decision was in line with a previous case law. No costs were awarded.