https://www.taxtmi.com/caselaws?id=12259 The High Court allowed the assessee to set off unabsorbed depreciation against income taxed under section 56 of the Income-tax Act, 1961, ruling in favor of the assessee and reducing assessable income to nil. The Court referenced a Supreme Court case to support its decision that unabsorbed depreciation can be set off against income from all heads specified in the Act, not limited to business income. However, the Court did not address the issue of allowing only 10% of total expenditure as a deduction for earning taxable income as the assessee did not pursue this matter. en-us Wed, 11 Sep 2002 00:00:00 +0530 Sat, 20 Feb 2010 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12259 The High Court allowed the assessee to set off unabsorbed depreciation against income taxed under section 56 of the Income-tax Act, 1961, ruling in favor of the assessee and reducing assessable income to nil. The Court referenced a Supreme Court case to support its decision that unabsorbed depreciation can be set off against income from all heads specified in the Act, not limited to business income. However, the Court did not address the issue of allowing only 10% of total expenditure as a deduction for earning taxable income as the assessee did not pursue this matter. Case-Laws Income Tax Wed, 11 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12259