https://www.taxtmi.com/caselaws?id=20156 Unabsorbed depreciation carried forward from an earlier year remains available for set-off against income under other heads, including income from other sources, in later years. The Gujarat High Court followed its earlier decisions and held that liquidation of the assessee or cessation of the business in which the depreciation arose does not defeat the statutory carry-forward benefit. The assessee was therefore entitled to claim set-off of the carried forward depreciation against income assessed under the head "Income from other sources". en-us Wed, 28 Jul 1993 00:00:00 +0530 Thu, 12 Nov 2009 11:35:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20156 Unabsorbed depreciation carried forward from an earlier year remains available for set-off against income under other heads, including income from other sources, in later years. The Gujarat High Court followed its earlier decisions and held that liquidation of the assessee or cessation of the business in which the depreciation arose does not defeat the statutory carry-forward benefit. The assessee was therefore entitled to claim set-off of the carried forward depreciation against income assessed under the head "Income from other sources". Case-Laws Income Tax Wed, 28 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20156