https://www.taxtmi.com/caselaws?id=255366 The Court upheld the Tribunal's decision to allow the carry forward of unabsorbed depreciation and business losses for the assessee. It emphasized the distinction between assessment proceedings under Section 143(3) and Block Assessment, stating that findings in one do not automatically impact the other. The Court found that the Assessing Officer did not provide specific findings affecting the claim of unabsorbed depreciation and failed to conduct a similar exercise for subsequent years. As a result, the appeal was dismissed, affirming the Tribunal's order to permit the carry forward of unabsorbed depreciation. en-us Fri, 19 Dec 2014 00:00:00 +0530 Thu, 15 Jan 2015 08:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255366 The Court upheld the Tribunal's decision to allow the carry forward of unabsorbed depreciation and business losses for the assessee. It emphasized the distinction between assessment proceedings under Section 143(3) and Block Assessment, stating that findings in one do not automatically impact the other. The Court found that the Assessing Officer did not provide specific findings affecting the claim of unabsorbed depreciation and failed to conduct a similar exercise for subsequent years. As a result, the appeal was dismissed, affirming the Tribunal's order to permit the carry forward of unabsorbed depreciation. Case-Laws Income Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255366