https://www.taxtmi.com/caselaws?id=151721 The Tribunal ruled in favor of the Revenue, disallowing the set off of brought forward depreciation loss against the current year's income under section 44AE. It held that unabsorbed depreciation falls under section 32 and not section 72, emphasizing the distinct treatment of unabsorbed business loss and depreciation carry forward. The Tribunal highlighted that section 72(2) prioritizes unabsorbed business loss for set off before unabsorbed depreciation, clarifying the operation and manner of carry forward for these losses. The decision was rendered on January 25, 2007. en-us Thu, 25 Jan 2007 00:00:00 +0530 Thu, 13 Jun 2013 17:10:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151721 The Tribunal ruled in favor of the Revenue, disallowing the set off of brought forward depreciation loss against the current year's income under section 44AE. It held that unabsorbed depreciation falls under section 32 and not section 72, emphasizing the distinct treatment of unabsorbed business loss and depreciation carry forward. The Tribunal highlighted that section 72(2) prioritizes unabsorbed business loss for set off before unabsorbed depreciation, clarifying the operation and manner of carry forward for these losses. The decision was rendered on January 25, 2007. Case-Laws Income Tax Thu, 25 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151721