https://www.taxtmi.com/caselaws?id=63038 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to allow the set-off of unabsorbed depreciation against income from house property for the assessment year 1997-98. The Tribunal underscored the binding nature of CBDT Circulars, which supported the CIT(A)'s decision based on the Finance Minister's assurance and Circular No. 762. The Tribunal also awarded costs to the assessee, emphasizing that the Revenue's challenge was contrary to the established Circular. Consequently, the assessee's claim to set off unabsorbed depreciation was upheld, and the Revenue's appeal was rejected. en-us Fri, 16 Apr 2004 00:00:00 +0530 Thu, 11 Jul 2024 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63038 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to allow the set-off of unabsorbed depreciation against income from house property for the assessment year 1997-98. The Tribunal underscored the binding nature of CBDT Circulars, which supported the CIT(A)'s decision based on the Finance Minister's assurance and Circular No. 762. The Tribunal also awarded costs to the assessee, emphasizing that the Revenue's challenge was contrary to the established Circular. Consequently, the assessee's claim to set off unabsorbed depreciation was upheld, and the Revenue's appeal was rejected. Case-Laws Income Tax Fri, 16 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63038