https://www.taxtmi.com/caselaws?id=19925 The High Court ruled in favor of the assessee in a case involving the set off of unabsorbed depreciation against income from other sources and the set off of business loss against long-term capital gains. The court held that unabsorbed depreciation could be carried forward and set off against assessable income of subsequent years, even if the business had ceased to exist. It also allowed the set off of business loss against long-term capital gains as the assessee was engaged in business activities during the relevant period. The court concluded in favor of the assessee, disposing of the reference with no order as to costs. en-us Tue, 28 Sep 1993 00:00:00 +0530 Tue, 10 Nov 2009 16:35:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19925 The High Court ruled in favor of the assessee in a case involving the set off of unabsorbed depreciation against income from other sources and the set off of business loss against long-term capital gains. The court held that unabsorbed depreciation could be carried forward and set off against assessable income of subsequent years, even if the business had ceased to exist. It also allowed the set off of business loss against long-term capital gains as the assessee was engaged in business activities during the relevant period. The court concluded in favor of the assessee, disposing of the reference with no order as to costs. Case-Laws Income Tax Tue, 28 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19925