https://www.taxtmi.com/caselaws?id=121808 The Tribunal allowed the appeal, ruling in favor of the assessee. It concluded that the deduction under clause (iii) of Explanation (1) to section 115JB should be based on the aggregate figure of unabsorbed depreciation, amounting to Rs. 1,51,15,393, as it was lower than the aggregate brought forward loss of Rs. 2,40,75,717. The Tribunal rejected the year-wise consideration approach, emphasizing that the provision's language supports a composite figure for all years. Consequently, the assessee's claim for the deduction was accepted, overturning the prior restrictions imposed by the Commissioner of Income-tax (Appeals). en-us Tue, 04 Nov 2008 00:00:00 +0530 Sat, 09 Dec 2023 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121808 The Tribunal allowed the appeal, ruling in favor of the assessee. It concluded that the deduction under clause (iii) of Explanation (1) to section 115JB should be based on the aggregate figure of unabsorbed depreciation, amounting to Rs. 1,51,15,393, as it was lower than the aggregate brought forward loss of Rs. 2,40,75,717. The Tribunal rejected the year-wise consideration approach, emphasizing that the provision's language supports a composite figure for all years. Consequently, the assessee's claim for the deduction was accepted, overturning the prior restrictions imposed by the Commissioner of Income-tax (Appeals). Case-Laws Income Tax Tue, 04 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121808