https://www.taxtmi.com/caselaws?id=214121 The High Court upheld the rectification order under section 154 by the Assessing Officer, ruling in favor of the Revenue regarding the eligibility for deduction under clause (b) of Explanation (iii) of section 115JA. The Court rejected the application of the FIFO method for setting off business loss and depreciation, emphasizing the statutory requirements for setting off brought forward business loss and depreciation. Additionally, the Court held that the assessee must follow the statutory provisions for simultaneous set off of brought forward business loss and unabsorbed depreciation, ultimately ruling in favor of the Revenue on all issues. en-us Tue, 25 May 2010 00:00:00 +0530 Mon, 18 Jun 2012 19:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214121 The High Court upheld the rectification order under section 154 by the Assessing Officer, ruling in favor of the Revenue regarding the eligibility for deduction under clause (b) of Explanation (iii) of section 115JA. The Court rejected the application of the FIFO method for setting off business loss and depreciation, emphasizing the statutory requirements for setting off brought forward business loss and depreciation. Additionally, the Court held that the assessee must follow the statutory provisions for simultaneous set off of brought forward business loss and unabsorbed depreciation, ultimately ruling in favor of the Revenue on all issues. Case-Laws Income Tax Tue, 25 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214121