Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Unabsorbed depreciation carried forward under Section 32(2) retains the character of current-year loss and may be set off against business income or other income, except capital gains; on that basis, the assessee was entitled to set off the depreciation against the addition made for unaccounted stock. The revenue's reliance on Section 79A failed because it was inserted later and applied only from 01.04.2022, and Section 115BBE(2) was also inapplicable because the assessment was not framed under that provision. The substantial questions of law were answered in favour of the assessee.
Unabsorbed depreciation carried forward under Section 32(2) retains the character of current-year loss and may be set off against business income or other income, except capital gains; on that basis, the assessee was entitled to set off the depreciation against the addition made for unaccounted stock. The revenue's reliance on Section 79A failed because it was inserted later and applied only from 01.04.2022, and Section 115BBE(2) was also inapplicable because the assessment was not framed under that provision. The substantial questions of law were answered in favour of the assessee.
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