https://www.taxtmi.com/caselaws?id=22435 The court held that unabsorbed depreciation from earlier years can be set off against the assessee's income of the relevant previous year, even if the business to which the depreciation related did not exist during that year. The court reaffirmed this position based on Section 32(2) of the Income-tax Act, 1961, and previous decisions. Contrary decisions by the Bombay and Madras High Courts were not persuasive. The court ruled in favor of the assessee, allowing the set-off of unabsorbed depreciation against other income, even if the business had discontinued. The Revenue was ordered to pay the costs of the reference. en-us Wed, 19 Dec 1990 00:00:00 +0530 Thu, 10 Dec 2009 11:14:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22435 The court held that unabsorbed depreciation from earlier years can be set off against the assessee's income of the relevant previous year, even if the business to which the depreciation related did not exist during that year. The court reaffirmed this position based on Section 32(2) of the Income-tax Act, 1961, and previous decisions. Contrary decisions by the Bombay and Madras High Courts were not persuasive. The court ruled in favor of the assessee, allowing the set-off of unabsorbed depreciation against other income, even if the business had discontinued. The Revenue was ordered to pay the costs of the reference. Case-Laws Income Tax Wed, 19 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22435