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ITAT upholds CIT(A)'s factual finding that the assessee's current-year loss of Rs.2.38 crore constituted unabsorbed depreciation, not business loss, and therefore is eligible for carry-forward after set-off against income from house property, capital gains and other sources. The Departmental Representative conceded the factual finding; Revenue's ground challenging that finding was held to be without merit. ITAT further held that, under s.32(2) read with s.80, the assessee need not specifically claim unabsorbed depreciation in a return filed under s.139(1) to carry it forward, and consequently the appeal by Revenue fails and the assessees' entitlement to carry-forward unabsorbed depreciation is affirmed.
ITAT upholds CIT(A)'s factual finding that the assessee's current-year loss of Rs.2.38 crore constituted unabsorbed depreciation, not business loss, and therefore is eligible for carry-forward after set-off against income from house property, capital gains and other sources. The Departmental Representative conceded the factual finding; Revenue's ground challenging that finding was held to be without merit. ITAT further held that, under s.32(2) read with s.80, the assessee need not specifically claim unabsorbed depreciation in a return filed under s.139(1) to carry it forward, and consequently the appeal by Revenue fails and the assessees' entitlement to carry-forward unabsorbed depreciation is affirmed.
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