https://www.taxtmi.com/caselaws?id=341203 The Appellate Tribunal ITAT Ahmedabad dismissed the Revenue's appeal against the CIT(A)'s decision to allow the assessee to set off accumulated unabsorbed depreciation for AYs 2001-02 to 2003-04 against income from other sources in AY 2007-08. The Tribunal held that unabsorbed depreciation from earlier years should be treated similarly to current year's depreciation under Section 32 of the Income Tax Act, allowing for set off against current year's income beyond 'profits and gains of business or profession'. The Tribunal found no fault in the CIT(A)'s decision, affirming the allowance of set off, and the Revenue's appeal was dismissed. en-us Fri, 31 Mar 2017 00:00:00 +0530 Tue, 04 Apr 2017 09:59:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341203 The Appellate Tribunal ITAT Ahmedabad dismissed the Revenue's appeal against the CIT(A)'s decision to allow the assessee to set off accumulated unabsorbed depreciation for AYs 2001-02 to 2003-04 against income from other sources in AY 2007-08. The Tribunal held that unabsorbed depreciation from earlier years should be treated similarly to current year's depreciation under Section 32 of the Income Tax Act, allowing for set off against current year's income beyond 'profits and gains of business or profession'. The Tribunal found no fault in the CIT(A)'s decision, affirming the allowance of set off, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341203