https://www.taxtmi.com/caselaws?id=259312 The ITAT upheld the decision of the Ld. CIT(A) regarding the allowance of the claim for brought forward unabsorbed depreciation. The ITAT found that section 79 of the Income Tax Act applied only to carry forward and set off of losses, not to unabsorbed depreciation. The decision was based on a thorough analysis of the facts, legal provisions, and relevant case laws, including the interpretation provided by the Hon'ble Supreme Court. The ITAT found no errors in the Ld. CIT(A)'s decision and therefore rejected the Revenue's appeal. en-us Wed, 25 Mar 2015 00:00:00 +0530 Thu, 07 May 2015 08:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259312 The ITAT upheld the decision of the Ld. CIT(A) regarding the allowance of the claim for brought forward unabsorbed depreciation. The ITAT found that section 79 of the Income Tax Act applied only to carry forward and set off of losses, not to unabsorbed depreciation. The decision was based on a thorough analysis of the facts, legal provisions, and relevant case laws, including the interpretation provided by the Hon'ble Supreme Court. The ITAT found no errors in the Ld. CIT(A)'s decision and therefore rejected the Revenue's appeal. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259312