https://www.taxtmi.com/caselaws?id=176213 The Tribunal allowed the appeal in favor of the assessee, holding that unabsorbed depreciation from previous years cannot be set off against current year's income for the purpose of claiming deduction under section 10B of the Income Tax Act. The Tribunal relied on decisions from various High Courts, including Bombay, Karnataka, and Delhi, in favor of the assessee. The AO's decision to confirm the set off of unabsorbed depreciation and denial of deduction under section 10B was overturned, directing the AO to grant the deduction as claimed by the assessee. en-us Fri, 01 Mar 2013 00:00:00 +0530 Thu, 17 Dec 2015 10:41:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176213 The Tribunal allowed the appeal in favor of the assessee, holding that unabsorbed depreciation from previous years cannot be set off against current year's income for the purpose of claiming deduction under section 10B of the Income Tax Act. The Tribunal relied on decisions from various High Courts, including Bombay, Karnataka, and Delhi, in favor of the assessee. The AO's decision to confirm the set off of unabsorbed depreciation and denial of deduction under section 10B was overturned, directing the AO to grant the deduction as claimed by the assessee. Case-Laws Income Tax Fri, 01 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176213