https://www.taxtmi.com/caselaws?id=185096 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) disallowing depreciation on fixed assets, emphasizing that the assets were utilized for business purposes and depreciation had been regularly claimed. The Tribunal also upheld the Commissioner's directive to allow carry forward of brought forward losses of earlier years, stating that unabsorbed losses must be assessed annually for potential set off against profits. The appeal of the revenue was dismissed. en-us Fri, 28 May 2010 00:00:00 +0530 Sat, 30 Jul 2016 15:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185096 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) disallowing depreciation on fixed assets, emphasizing that the assets were utilized for business purposes and depreciation had been regularly claimed. The Tribunal also upheld the Commissioner's directive to allow carry forward of brought forward losses of earlier years, stating that unabsorbed losses must be assessed annually for potential set off against profits. The appeal of the revenue was dismissed. Case-Laws Income Tax Fri, 28 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185096