https://www.taxtmi.com/caselaws?id=361617 The Tribunal dismissed the Revenue's appeal challenging the allowance of unabsorbed depreciation and upheld the Assessee's claim to carry forward the business loss. The Tribunal agreed with the Assessee's arguments based on relevant judicial precedents, directing the Assessing Officer to verify and allow the set-off in subsequent years. The decision emphasized that unabsorbed depreciation is not restricted by Section 80 and that returns filed under Section 153A should be treated as returns under Section 139(1) for the purpose of carrying forward business losses. en-us Wed, 06 Jun 2018 00:00:00 +0530 Sat, 09 Jun 2018 23:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361617 The Tribunal dismissed the Revenue's appeal challenging the allowance of unabsorbed depreciation and upheld the Assessee's claim to carry forward the business loss. The Tribunal agreed with the Assessee's arguments based on relevant judicial precedents, directing the Assessing Officer to verify and allow the set-off in subsequent years. The decision emphasized that unabsorbed depreciation is not restricted by Section 80 and that returns filed under Section 153A should be treated as returns under Section 139(1) for the purpose of carrying forward business losses. Case-Laws Income Tax Wed, 06 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361617