https://www.taxtmi.com/caselaws?id=411962 The High Court of Madras upheld the decision of the Appellate Tribunal, dismissing the tax case appeal and ruling against the Revenue. The Court determined that unabsorbed depreciation could be set off against income under different heads, referencing precedents such as CIT v. Best & Crompton Engineering Ltd. and circulars clarifying the set-off provisions. The Court's analysis of relevant judgments supported the allowance of unabsorbed depreciation to be set off against income, emphasizing the amendments introduced by the Finance Act, 2001. en-us Wed, 18 Aug 2021 00:00:00 +0530 Tue, 07 Sep 2021 08:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411962 The High Court of Madras upheld the decision of the Appellate Tribunal, dismissing the tax case appeal and ruling against the Revenue. The Court determined that unabsorbed depreciation could be set off against income under different heads, referencing precedents such as CIT v. Best & Crompton Engineering Ltd. and circulars clarifying the set-off provisions. The Court's analysis of relevant judgments supported the allowance of unabsorbed depreciation to be set off against income, emphasizing the amendments introduced by the Finance Act, 2001. Case-Laws Income Tax Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411962