https://www.taxtmi.com/caselaws?id=204411 ITAT, MUMBAI upheld that unabsorbed depreciation under s.32(1) cannot be set off against income from other sources beyond the limits set by s.72(2) and s.73(3). The deeming in s.32(2) treats unadjusted depreciation as depreciation of the succeeding year but remains subject to the carry-forward and set-off restrictions; brought-forward unabsorbed depreciation from AYs 1997-98 to 1999-2000 was not available for set-off against income from other sources in AYs 2003-04 and 2004-05. Decision against the taxpayer. en-us Wed, 30 Jun 2010 00:00:00 +0530 Thu, 28 Aug 2025 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204411 ITAT, MUMBAI upheld that unabsorbed depreciation under s.32(1) cannot be set off against income from other sources beyond the limits set by s.72(2) and s.73(3). The deeming in s.32(2) treats unadjusted depreciation as depreciation of the succeeding year but remains subject to the carry-forward and set-off restrictions; brought-forward unabsorbed depreciation from AYs 1997-98 to 1999-2000 was not available for set-off against income from other sources in AYs 2003-04 and 2004-05. Decision against the taxpayer. Case-Laws Income Tax Wed, 30 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204411