https://www.taxtmi.com/caselaws?id=311187 The Tribunal ruled in favor of the assessee, overturning the AO's disallowance of carrying forward accumulated business losses and unabsorbed depreciation from earlier years. It clarified that the AO's decision on these matters is not binding on the assessee and emphasized that the determination of carrying forward losses should be made by the AO in the subsequent years when the set-off is claimed. The Tribunal directed the AO to expunge remarks disallowing the carry forward of losses and unabsorbed depreciation, allowing the assessee to claim these in future years. en-us Mon, 05 Dec 2022 00:00:00 +0530 Tue, 12 Dec 2023 20:02:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311187 The Tribunal ruled in favor of the assessee, overturning the AO's disallowance of carrying forward accumulated business losses and unabsorbed depreciation from earlier years. It clarified that the AO's decision on these matters is not binding on the assessee and emphasized that the determination of carrying forward losses should be made by the AO in the subsequent years when the set-off is claimed. The Tribunal directed the AO to expunge remarks disallowing the carry forward of losses and unabsorbed depreciation, allowing the assessee to claim these in future years. Case-Laws Income Tax Mon, 05 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311187