https://www.taxtmi.com/caselaws?id=789499 Unabsorbed depreciation carried forward under Section 32(2) retains the character of current year depreciation and can be set off under the statutory carry-forward scheme against eligible income, including an addition treated as unaccounted stock, subject to the Act's limits. The later restrictions on set-off for search-related undisclosed income, including Section 79A and the amended Section 115BBE regime, did not apply to the assessment year in question because they were introduced later and were not relevant to the assessment made. The assessee was therefore entitled to the set-off and the addition had to be reduced accordingly. en-us Fri, 23 Jan 2026 00:00:00 +0530 Thu, 09 Apr 2026 08:09:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789499 Unabsorbed depreciation carried forward under Section 32(2) retains the character of current year depreciation and can be set off under the statutory carry-forward scheme against eligible income, including an addition treated as unaccounted stock, subject to the Act's limits. The later restrictions on set-off for search-related undisclosed income, including Section 79A and the amended Section 115BBE regime, did not apply to the assessment year in question because they were introduced later and were not relevant to the assessment made. The assessee was therefore entitled to the set-off and the addition had to be reduced accordingly. Case-Laws Income Tax Fri, 23 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789499