https://www.taxtmi.com/caselaws?id=16146 The High Court rejected the rectification application seeking set off of unabsorbed depreciation for the assessment year 1973-74 based on subsequent judgment by the Madras High Court. The Court held that the Tribunal was bound by the Madras High Court decision only for orders pronounced post that judgment. Emphasizing the importance of following jurisdictional High Court rulings, the Court ruled against the assessee, stating that the claim for set off could not succeed even on merits. The decision aligned with a recent Supreme Court ruling clarifying the treatment of unabsorbed depreciation. en-us Thu, 18 Sep 1997 00:00:00 +0530 Tue, 01 Sep 2009 13:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16146 The High Court rejected the rectification application seeking set off of unabsorbed depreciation for the assessment year 1973-74 based on subsequent judgment by the Madras High Court. The Court held that the Tribunal was bound by the Madras High Court decision only for orders pronounced post that judgment. Emphasizing the importance of following jurisdictional High Court rulings, the Court ruled against the assessee, stating that the claim for set off could not succeed even on merits. The decision aligned with a recent Supreme Court ruling clarifying the treatment of unabsorbed depreciation. Case-Laws Income Tax Thu, 18 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16146