https://www.taxtmi.com/caselaws?id=781421 Interest on an income-tax refund, assessable under the head "Income from other sources," was held eligible for set-off against carried forward depreciation loss in rectification proceedings. The Tribunal noted that the assessee had specifically raised this point in response to the rectification notice, but the Assessing Officer did not consider it before denying the adjustment. In light of the statutory allowance for set-off against depreciation loss, the denial was found unsustainable, and the set-off was directed to be allowed in favour of the assessee. en-us Tue, 08 Jul 2025 00:00:00 +0530 Sat, 15 Nov 2025 07:56:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781421 Interest on an income-tax refund, assessable under the head "Income from other sources," was held eligible for set-off against carried forward depreciation loss in rectification proceedings. The Tribunal noted that the assessee had specifically raised this point in response to the rectification notice, but the Assessing Officer did not consider it before denying the adjustment. In light of the statutory allowance for set-off against depreciation loss, the denial was found unsustainable, and the set-off was directed to be allowed in favour of the assessee. Case-Laws Income Tax Tue, 08 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781421