https://www.taxtmi.com/caselaws?id=416962 The High Court upheld the Tribunal's decision allowing the set off of unabsorbed depreciation against income from various sources, including long term capital gains. The Court relied on precedents and Circular No. 794 dated 9-8-2000, emphasizing the permissibility of such set offs under the Income Tax Act. Additionally, the Court dismissed the Revenue's appeal regarding the Tribunal's decision, finding no error in the order. The Court also validated the Tribunal's decision under Section 263, citing relevant case law and ultimately ruling against the Revenue without awarding costs. en-us Wed, 18 Aug 2021 00:00:00 +0530 Wed, 12 Jan 2022 08:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416962 The High Court upheld the Tribunal's decision allowing the set off of unabsorbed depreciation against income from various sources, including long term capital gains. The Court relied on precedents and Circular No. 794 dated 9-8-2000, emphasizing the permissibility of such set offs under the Income Tax Act. Additionally, the Court dismissed the Revenue's appeal regarding the Tribunal's decision, finding no error in the order. The Court also validated the Tribunal's decision under Section 263, citing relevant case law and ultimately ruling against the Revenue without awarding costs. Case-Laws Income Tax Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416962