https://www.taxtmi.com/highlights?id=79621 Assessee's contention upheld that for AY 2019-20, profit is required to be set off against business loss of AY 2018-19 and remaining profit against brought forward unabsorbed depreciation from AY 2013-14 to AY 2018-19, resulting in no taxable income. Reopening u/s 263(1) merely for inquiries futile as carry forward of depreciation no longer debatable after Supreme Court ruling. Revision order u/s 263 quashed. Assessee's appeal allowed. en-us Tue, 23 Jul 2024 08:49:57 +0530 Tue, 23 Jul 2024 08:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79621 Assessee's contention upheld that for AY 2019-20, profit is required to be set off against business loss of AY 2018-19 and remaining profit against brought forward unabsorbed depreciation from AY 2013-14 to AY 2018-19, resulting in no taxable income. Reopening u/s 263(1) merely for inquiries futile as carry forward of depreciation no longer debatable after Supreme Court ruling. Revision order u/s 263 quashed. Assessee's appeal allowed. Highlights Income Tax Tue, 23 Jul 2024 08:49:57 +0530 https://www.taxtmi.com/highlights?id=79621