https://www.taxtmi.com/caselaws?id=235068 The court held that the benefit of set-off under section 32(2)(iii) of the Income Tax Act can be availed even if the business was not carried on for the entire year. Carried forward unabsorbed depreciation can only be set off against the profits and gains of any business or profession, not against income under any other head. Short-term capital gain on the sale of depreciable assets is considered income under the head 'Capital gains,' not 'Profits and gains of any business or profession.' The Department's appeal was allowed, setting aside the Tribunal's order and upholding the Commissioner's decision. en-us Thu, 09 May 2013 00:00:00 +0530 Wed, 10 Jul 2013 08:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235068 The court held that the benefit of set-off under section 32(2)(iii) of the Income Tax Act can be availed even if the business was not carried on for the entire year. Carried forward unabsorbed depreciation can only be set off against the profits and gains of any business or profession, not against income under any other head. Short-term capital gain on the sale of depreciable assets is considered income under the head 'Capital gains,' not 'Profits and gains of any business or profession.' The Department's appeal was allowed, setting aside the Tribunal's order and upholding the Commissioner's decision. Case-Laws Income Tax Thu, 09 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235068