https://www.taxtmi.com/caselaws?id=71213 The Tribunal partly allowed the assessee's appeal. It upheld the AO's decision to compute short-term capital gains by deducting the Written Down Value (WDV), considering depreciation as "actually allowed" due to the retrospective effect of Explanation 5 to Section 32. However, the Tribunal ruled in favor of the assessee regarding the set off of unabsorbed depreciation and business loss against short-term capital gains. It agreed that the gains from the sale of depreciable assets, treated as business income, could be offset by unabsorbed depreciation and business loss, including those from prior to the assessment year 1997-98. en-us Fri, 06 Mar 2009 00:00:00 +0530 Thu, 26 Oct 2023 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71213 The Tribunal partly allowed the assessee's appeal. It upheld the AO's decision to compute short-term capital gains by deducting the Written Down Value (WDV), considering depreciation as "actually allowed" due to the retrospective effect of Explanation 5 to Section 32. However, the Tribunal ruled in favor of the assessee regarding the set off of unabsorbed depreciation and business loss against short-term capital gains. It agreed that the gains from the sale of depreciable assets, treated as business income, could be offset by unabsorbed depreciation and business loss, including those from prior to the assessment year 1997-98. Case-Laws Income Tax Fri, 06 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71213