https://www.taxtmi.com/caselaws?id=193148 The appeal filed by the Revenue against the order of the ld. CIT(A) XII, Chennai regarding the claim of brought forward depreciation losses from assessment years 1983-84 to 1995-96 for the assessment year 2003-04 was dismissed. The ld. CIT(A) allowed the claim, citing provisions of sec.32(2) of the Income Tax Act and a CBDT circular, supported by the decision of the Hon'ble Madras High Court. The assessee was entitled to carry forward unabsorbed depreciation allowance and set it off against the income of the relevant assessment year. en-us Wed, 18 Jan 2012 00:00:00 +0530 Sat, 15 Jul 2017 11:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193148 The appeal filed by the Revenue against the order of the ld. CIT(A) XII, Chennai regarding the claim of brought forward depreciation losses from assessment years 1983-84 to 1995-96 for the assessment year 2003-04 was dismissed. The ld. CIT(A) allowed the claim, citing provisions of sec.32(2) of the Income Tax Act and a CBDT circular, supported by the decision of the Hon'ble Madras High Court. The assessee was entitled to carry forward unabsorbed depreciation allowance and set it off against the income of the relevant assessment year. Case-Laws Income Tax Wed, 18 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193148