https://www.taxtmi.com/caselaws?id=9958 The High Court ruled in favor of the respondent, upholding the decision to allow the carry forward and set off of unabsorbed depreciation of the earlier year. The Court clarified that unabsorbed depreciation is distinct from business losses under specific sections of the Income-tax Act and emphasized the entitlement to carry forward unabsorbed depreciation under section 32(2) regardless of the provisions of section 80. The respondent was deemed eligible to carry forward unabsorbed depreciation under section 32(2) even if losses were not determined under other sections. en-us Tue, 29 Mar 2005 00:00:00 +0530 Fri, 03 Jul 2009 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9958 The High Court ruled in favor of the respondent, upholding the decision to allow the carry forward and set off of unabsorbed depreciation of the earlier year. The Court clarified that unabsorbed depreciation is distinct from business losses under specific sections of the Income-tax Act and emphasized the entitlement to carry forward unabsorbed depreciation under section 32(2) regardless of the provisions of section 80. The respondent was deemed eligible to carry forward unabsorbed depreciation under section 32(2) even if losses were not determined under other sections. Case-Laws Income Tax Tue, 29 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9958