https://www.taxtmi.com/caselaws?id=416904 The Tribunal upheld the rectification order issued by the Assessing Officer under sections 154/143(3)/250 of the Income Tax Act, 1961, stating it was within the statutory time limit. It directed the AO to allow the set off of unabsorbed depreciation as claimed by the assessee, following the judgment of the Hon'ble Madras High Court. The Tribunal dismissed the appellant's arguments regarding the time limitation for rectification and the disallowance of depreciation, ultimately partially allowing the appeal and pronouncing the decision on 31st December 2021. en-us Fri, 31 Dec 2021 00:00:00 +0530 Mon, 27 Jun 2022 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416904 The Tribunal upheld the rectification order issued by the Assessing Officer under sections 154/143(3)/250 of the Income Tax Act, 1961, stating it was within the statutory time limit. It directed the AO to allow the set off of unabsorbed depreciation as claimed by the assessee, following the judgment of the Hon'ble Madras High Court. The Tribunal dismissed the appellant's arguments regarding the time limitation for rectification and the disallowance of depreciation, ultimately partially allowing the appeal and pronouncing the decision on 31st December 2021. Case-Laws Income Tax Fri, 31 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416904