https://www.taxtmi.com/caselaws?id=4519 The High Court held that unabsorbed depreciation and investment allowance are distinct from business losses under section 80 of the Income-tax Act. The court upheld the decision of the Appellate Tribunal, allowing the adjustment of unabsorbed depreciation and investment allowance despite a late-filed return. The judgment favored the assessee, affirming that the Assessing Officer should permit such adjustments, as these provisions are separate from the carry forward and set off of losses under sections 72, 73, and 74 of the Act. en-us Wed, 05 Sep 2007 00:00:00 +0530 Sat, 26 Jul 2008 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4519 The High Court held that unabsorbed depreciation and investment allowance are distinct from business losses under section 80 of the Income-tax Act. The court upheld the decision of the Appellate Tribunal, allowing the adjustment of unabsorbed depreciation and investment allowance despite a late-filed return. The judgment favored the assessee, affirming that the Assessing Officer should permit such adjustments, as these provisions are separate from the carry forward and set off of losses under sections 72, 73, and 74 of the Act. Case-Laws Income Tax Wed, 05 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4519