https://www.taxtmi.com/caselaws?id=755909 ITAT Kolkata quashed the revision order u/s 263 regarding carry forward losses and depreciation allowability. The appellant argued that AY 2019-20 profits should be set off against AY 2018-19 business losses and remaining profits against brought forward unabsorbed depreciation from AY 2013-14 to 2018-19, resulting in no taxable income. The tribunal found that since carry forward of depreciation is settled law per SC precedent, sufficient unabsorbed depreciation existed for comfortable set-off. The Pr. CIT's revision merely for conducting inquiries was deemed futile. The assessee's appeal was allowed. en-us Mon, 08 Jul 2024 00:00:00 +0530 Mon, 22 Jul 2024 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755909 ITAT Kolkata quashed the revision order u/s 263 regarding carry forward losses and depreciation allowability. The appellant argued that AY 2019-20 profits should be set off against AY 2018-19 business losses and remaining profits against brought forward unabsorbed depreciation from AY 2013-14 to 2018-19, resulting in no taxable income. The tribunal found that since carry forward of depreciation is settled law per SC precedent, sufficient unabsorbed depreciation existed for comfortable set-off. The Pr. CIT's revision merely for conducting inquiries was deemed futile. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755909