https://www.taxtmi.com/caselaws?id=27074 The court concluded that the term "loss" in Section 79 of the Income-tax Act does not encompass unabsorbed depreciation or unabsorbed development rebate. Therefore, the restriction imposed by Section 79 does not extend to these items. The court ruled in favor of the assessee, rejecting the Revenue's position. The assessee was awarded costs, and the judgment was to be communicated to the Income-tax Appellate Tribunal, Cochin Bench. en-us Mon, 15 Jul 1985 00:00:00 +0530 Wed, 10 Feb 2010 15:44:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27074 The court concluded that the term "loss" in Section 79 of the Income-tax Act does not encompass unabsorbed depreciation or unabsorbed development rebate. Therefore, the restriction imposed by Section 79 does not extend to these items. The court ruled in favor of the assessee, rejecting the Revenue's position. The assessee was awarded costs, and the judgment was to be communicated to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Income Tax Mon, 15 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27074