SC allows set-off of unabsorbed depreciation from 1997 to 1998: Impact on business income.

The SC dismissed the special leave petition, permitting unabsorbed depreciation as of April 1, 1997, to offset income for the assessment year 1998-99. Any excess unabsorbed depreciation can be set off against business income for eight assessment years.

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The Supreme Court of India dismissed the special leave petition, allowing unabsorbed depreciation as of April 1, 1997, to be set off against income for the assessment year 1998-99. Any remaining unabsorbed depreciation can be set off against business income for a period of eight assessment years.

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