https://www.taxtmi.com/caselaws?id=203633 The Court dismissed the appeal under Section 260A of the Income-Tax Act, 1961, filed by the Revenue against the order of the Income Tax Appellate Tribunal. The main issue was the allowance of setting-off income derived during the year under consideration from unabsorbed depreciation despite the closure of the business by the assessee. The Court upheld the decision of the Tribunal and Commissioner of Income Tax (Appeals) to allow the set off of unabsorbed depreciation against income from long term capital gains and income from other sources for the assessment year 2001-2002, interpreting Section 32(2) of the Income-Tax Act. en-us Fri, 11 Feb 2011 00:00:00 +0530 Tue, 11 Dec 2012 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203633 The Court dismissed the appeal under Section 260A of the Income-Tax Act, 1961, filed by the Revenue against the order of the Income Tax Appellate Tribunal. The main issue was the allowance of setting-off income derived during the year under consideration from unabsorbed depreciation despite the closure of the business by the assessee. The Court upheld the decision of the Tribunal and Commissioner of Income Tax (Appeals) to allow the set off of unabsorbed depreciation against income from long term capital gains and income from other sources for the assessment year 2001-2002, interpreting Section 32(2) of the Income-Tax Act. Case-Laws Income Tax Fri, 11 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203633