https://www.taxtmi.com/highlights?id=97684 Priority of set-off: statutory treatment of unabsorbed depreciation as current year depreciation requires brought forward business losses to be adjusted first against business income, with unabsorbed depreciation usable only thereafter; AO directed to apply that order. Procedural requirement for invoking change in tax position: treating a later shareholding date to invoke a restriction on set-off amounted to enhancement of income and required issuance of an enhancement notice; denial of set-off on that ground was invalid for lack of such notice. Reversals and capital creditors: amounts voluntarily disallowed earlier and capital creditors for which no prior deduction was claimed are not taxable as income on write-back; related additions deleted. en-us Sat, 14 Mar 2026 08:36:57 +0530 Sat, 14 Mar 2026 08:36:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97684 Priority of set-off: statutory treatment of unabsorbed depreciation as current year depreciation requires brought forward business losses to be adjusted first against business income, with unabsorbed depreciation usable only thereafter; AO directed to apply that order. Procedural requirement for invoking change in tax position: treating a later shareholding date to invoke a restriction on set-off amounted to enhancement of income and required issuance of an enhancement notice; denial of set-off on that ground was invalid for lack of such notice. Reversals and capital creditors: amounts voluntarily disallowed earlier and capital creditors for which no prior deduction was claimed are not taxable as income on write-back; related additions deleted. Highlights Income Tax Sat, 14 Mar 2026 08:36:57 +0530 https://www.taxtmi.com/highlights?id=97684