https://www.taxtmi.com/caselaws?id=346178 The ITAT Kolkata allowed the appeal, ruling in favor of the assessee, a government enterprise in the mining business. The Tribunal held that brought forward losses and unabsorbed depreciation should be available for reduction from book profits under Sec. 115JB of the Income Tax Act, 1961. The decision was based on the principle that losses remain in the books until offset by profits, contrary to the CIT(A)'s reasoning. The ITAT directed the AO to delete the addition of excess deduction under Sec. 115JB(2), partially allowing the assessee's appeal. en-us Fri, 02 Jun 2017 00:00:00 +0530 Sat, 05 Aug 2017 07:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346178 The ITAT Kolkata allowed the appeal, ruling in favor of the assessee, a government enterprise in the mining business. The Tribunal held that brought forward losses and unabsorbed depreciation should be available for reduction from book profits under Sec. 115JB of the Income Tax Act, 1961. The decision was based on the principle that losses remain in the books until offset by profits, contrary to the CIT(A)'s reasoning. The ITAT directed the AO to delete the addition of excess deduction under Sec. 115JB(2), partially allowing the assessee's appeal. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346178