https://www.taxtmi.com/caselaws?id=440074 The Court set aside the notice issued under section 148 of the Income Tax Act, 1961 and the order disposing objections regarding carrying forward unabsorbed business losses and depreciation for setoff in Assessment Year 2011-12. The Court accepted the petitioner's arguments that there was no restriction on setting off unabsorbed depreciation in the said year and that all material facts were disclosed for assessment. The Court found in favor of the petitioner, noting the failure of the revenue to file a counter-affidavit and concluded that the notice and order should be set aside, disposing of the writ petition accordingly. en-us Wed, 17 May 2023 00:00:00 +0530 Sat, 08 Jul 2023 07:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440074 The Court set aside the notice issued under section 148 of the Income Tax Act, 1961 and the order disposing objections regarding carrying forward unabsorbed business losses and depreciation for setoff in Assessment Year 2011-12. The Court accepted the petitioner's arguments that there was no restriction on setting off unabsorbed depreciation in the said year and that all material facts were disclosed for assessment. The Court found in favor of the petitioner, noting the failure of the revenue to file a counter-affidavit and concluded that the notice and order should be set aside, disposing of the writ petition accordingly. Case-Laws Income Tax Wed, 17 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440074