https://www.taxtmi.com/caselaws?id=390947 The tribunal upheld the Ld. CIT(A)'s decision allowing the set-off of unabsorbed depreciation under section 78(2) of the Income Tax Act, following succession from a proprietary concern to a partnership firm. It confirmed the applicability of the Supreme Court's decision in CIT v. Madhukant M. Mehta and directed reconsideration of additional claims. The tribunal also modified the adhoc disallowance of expenses, ensuring a fair resolution by directing the Assessing Officer to restrict disallowances to specified amounts for the relevant assessment years. Overall, the tribunal's decision favored the assessee, affirming the legal heirs' entitlement to the set-off and addressing procedural fairness. en-us Fri, 10 Jan 2020 00:00:00 +0530 Thu, 07 Nov 2024 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390947 The tribunal upheld the Ld. CIT(A)'s decision allowing the set-off of unabsorbed depreciation under section 78(2) of the Income Tax Act, following succession from a proprietary concern to a partnership firm. It confirmed the applicability of the Supreme Court's decision in CIT v. Madhukant M. Mehta and directed reconsideration of additional claims. The tribunal also modified the adhoc disallowance of expenses, ensuring a fair resolution by directing the Assessing Officer to restrict disallowances to specified amounts for the relevant assessment years. Overall, the tribunal's decision favored the assessee, affirming the legal heirs' entitlement to the set-off and addressing procedural fairness. Case-Laws Income Tax Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390947