https://www.taxtmi.com/caselaws?id=448202 ITAT Mumbai allowed taxpayer's claim for setoff of unabsorbed depreciation carried forward from earlier years against short term capital gains income. AO had rejected the claim under Sections 32, 70-72, while taxpayer relied on Sections 71-72. ITAT followed Bombay HC precedent in Bond Safety Belts case, set aside CIT(A) order, and directed AO to allow the setoff claim. AO was instructed to compute interest under Sections 234D and 244A. Appeal allowed in favor of assessee. en-us Mon, 06 Nov 2023 00:00:00 +0530 Sat, 13 Jan 2024 08:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448202 ITAT Mumbai allowed taxpayer's claim for setoff of unabsorbed depreciation carried forward from earlier years against short term capital gains income. AO had rejected the claim under Sections 32, 70-72, while taxpayer relied on Sections 71-72. ITAT followed Bombay HC precedent in Bond Safety Belts case, set aside CIT(A) order, and directed AO to allow the setoff claim. AO was instructed to compute interest under Sections 234D and 244A. Appeal allowed in favor of assessee. Case-Laws Income Tax Mon, 06 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448202