https://www.taxtmi.com/caselaws?id=17030 The High Court affirmed the Tribunal's decision, allowing the set off of unabsorbed depreciation from a defunct firm against the assessee's profits from other businesses in the subsequent assessment year. The court held that the assessee's multiple businesses formed one entity, permitting losses from one business to be offset against profits from another. Relying on precedents, including decisions in cases like CIT v. Virmani Industries Pvt. Ltd., the court concluded in favor of the assessee, stating that the unabsorbed depreciation could be set off against profits in the following year. en-us Wed, 17 Apr 1996 00:00:00 +0530 Mon, 14 Sep 2009 16:45:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17030 The High Court affirmed the Tribunal's decision, allowing the set off of unabsorbed depreciation from a defunct firm against the assessee's profits from other businesses in the subsequent assessment year. The court held that the assessee's multiple businesses formed one entity, permitting losses from one business to be offset against profits from another. Relying on precedents, including decisions in cases like CIT v. Virmani Industries Pvt. Ltd., the court concluded in favor of the assessee, stating that the unabsorbed depreciation could be set off against profits in the following year. Case-Laws Income Tax Wed, 17 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17030