https://www.taxtmi.com/caselaws?id=16109 The High Court allowed the set off of unabsorbed depreciation against income from other sources for an assessee-company in liquidation, contrary to the Tribunal's decision. The Court clarified that the expression "profits or gains chargeable" under the Income Tax Act includes income from all specified heads, not just business income. It also held that carrying on business activity in the succeeding year is not a prerequisite for availing the benefit of setting off unabsorbed depreciation. The judgment favored the assessee, emphasizing the flexibility in utilizing unabsorbed depreciation and expanding the scope of allowable set off. en-us Tue, 06 Apr 1999 00:00:00 +0530 Tue, 01 Sep 2009 11:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16109 The High Court allowed the set off of unabsorbed depreciation against income from other sources for an assessee-company in liquidation, contrary to the Tribunal's decision. The Court clarified that the expression "profits or gains chargeable" under the Income Tax Act includes income from all specified heads, not just business income. It also held that carrying on business activity in the succeeding year is not a prerequisite for availing the benefit of setting off unabsorbed depreciation. The judgment favored the assessee, emphasizing the flexibility in utilizing unabsorbed depreciation and expanding the scope of allowable set off. Case-Laws Income Tax Tue, 06 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16109