https://www.taxtmi.com/caselaws?id=423892 The tribunal ruled in favor of the assessee on both major issues. Firstly, it allowed depreciation on the block of assets, despite non-use during the year due to transition. Secondly, it permitted the set-off of unabsorbed brought forward depreciation and business loss, even in the absence of business activity during the year. The decisions of the CIT(A) disallowing these claims were overturned, resulting in a favorable outcome for the assessee. en-us Tue, 31 May 2022 00:00:00 +0530 Fri, 17 Jun 2022 09:36:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423892 The tribunal ruled in favor of the assessee on both major issues. Firstly, it allowed depreciation on the block of assets, despite non-use during the year due to transition. Secondly, it permitted the set-off of unabsorbed brought forward depreciation and business loss, even in the absence of business activity during the year. The decisions of the CIT(A) disallowing these claims were overturned, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423892