https://www.taxtmi.com/caselaws?id=392286 The High Court upheld the Tribunal's decision to set aside the CIT's order under Section 263 of the Income Tax Act, 1961. It found that the assessing officer's rectification was justified, allowing for set-off of unabsorbed depreciation against income. The Court determined that the rectification under Section 154 was valid, as the issues were not debatable but apparent from the record. Additionally, it clarified that carried forward depreciation could be set-off against any income, not limited to the same business's profits. The Revenue's appeal was dismissed, with costs not awarded. en-us Mon, 03 Feb 2020 00:00:00 +0530 Tue, 27 Oct 2020 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392286 The High Court upheld the Tribunal's decision to set aside the CIT's order under Section 263 of the Income Tax Act, 1961. It found that the assessing officer's rectification was justified, allowing for set-off of unabsorbed depreciation against income. The Court determined that the rectification under Section 154 was valid, as the issues were not debatable but apparent from the record. Additionally, it clarified that carried forward depreciation could be set-off against any income, not limited to the same business's profits. The Revenue's appeal was dismissed, with costs not awarded. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392286