https://www.taxtmi.com/caselaws?id=10499 The court partly allowed the appeal, ruling that without a valid return and no order by the Assessing Officer, the assessee could not set off or carry forward business losses for the assessment year 1986-87 to 1987-88. However, unabsorbed depreciation from 1984-85 and 1985-86 could be set off against business income for 1987-88 and carried forward. The court clarified that unabsorbed depreciation of earlier years forms part of the current year's depreciation and can be set off against current year's income. en-us Thu, 17 Feb 2005 00:00:00 +0530 Thu, 16 Jul 2009 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10499 The court partly allowed the appeal, ruling that without a valid return and no order by the Assessing Officer, the assessee could not set off or carry forward business losses for the assessment year 1986-87 to 1987-88. However, unabsorbed depreciation from 1984-85 and 1985-86 could be set off against business income for 1987-88 and carried forward. The court clarified that unabsorbed depreciation of earlier years forms part of the current year's depreciation and can be set off against current year's income. Case-Laws Income Tax Thu, 17 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10499