https://www.taxtmi.com/caselaws?id=325829 The revival scheme for a sick company was treated as having overriding effect for the relevant period, and the assessee's claim to carry forward business loss and unabsorbed depreciation was accepted. The Tribunal noted that the Revenue had accepted the same issue in the immediately preceding year, and the same factual matrix could not be given opposite treatment. It further held that the current year's assessment could not finally pre-empt the subsequent year's determination of actual set-off of brought-forward loss. Unabsorbed depreciation was also treated as distinct and not deniable merely because the return was filed belatedly. The adverse lower-order findings were set aside, and the rectification challenge became infructuous. en-us Fri, 12 Feb 2016 00:00:00 +0530 Mon, 21 Nov 2016 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325829 The revival scheme for a sick company was treated as having overriding effect for the relevant period, and the assessee's claim to carry forward business loss and unabsorbed depreciation was accepted. The Tribunal noted that the Revenue had accepted the same issue in the immediately preceding year, and the same factual matrix could not be given opposite treatment. It further held that the current year's assessment could not finally pre-empt the subsequent year's determination of actual set-off of brought-forward loss. Unabsorbed depreciation was also treated as distinct and not deniable merely because the return was filed belatedly. The adverse lower-order findings were set aside, and the rectification challenge became infructuous. Case-Laws Income Tax Fri, 12 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325829