https://www.taxtmi.com/caselaws?id=326793 Unabsorbed depreciation under section 32(2) is governed by its own statutory regime and may be carried forward and set off in the succeeding year. The due-date restriction in section 80 read with section 139(3), which applies to losses required to be returned within time, does not extend to unabsorbed depreciation. Accordingly, a belated return does not, by itself, defeat the assessee's entitlement to carry forward and set off such depreciation, and the Revenue's objection on that ground fails. en-us Mon, 14 Mar 2016 00:00:00 +0530 Mon, 25 Apr 2016 12:00:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326793 Unabsorbed depreciation under section 32(2) is governed by its own statutory regime and may be carried forward and set off in the succeeding year. The due-date restriction in section 80 read with section 139(3), which applies to losses required to be returned within time, does not extend to unabsorbed depreciation. Accordingly, a belated return does not, by itself, defeat the assessee's entitlement to carry forward and set off such depreciation, and the Revenue's objection on that ground fails. Case-Laws Income Tax Mon, 14 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326793