https://www.taxtmi.com/caselaws?id=214403 The Tribunal partly upheld the CIT's order under Section 263, finding the AO's lack of enquiry into the surplus on transfer of assets and the incorrect application of Section 115JB prejudicial to the Revenue. However, the Tribunal determined that the AO correctly allowed the set off of unabsorbed depreciation against income from other sources, contrary to the CIT's position. The appeal was partly allowed, instructing the AO to reassess the relevant issues with proper verification. en-us Fri, 30 Sep 2011 00:00:00 +0530 Sat, 30 Jun 2012 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214403 The Tribunal partly upheld the CIT's order under Section 263, finding the AO's lack of enquiry into the surplus on transfer of assets and the incorrect application of Section 115JB prejudicial to the Revenue. However, the Tribunal determined that the AO correctly allowed the set off of unabsorbed depreciation against income from other sources, contrary to the CIT's position. The appeal was partly allowed, instructing the AO to reassess the relevant issues with proper verification. Case-Laws Income Tax Fri, 30 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214403