https://www.taxtmi.com/caselaws?id=56192 The Tribunal held that the assessee is not entitled to set off unabsorbed depreciation against income from other sources as the business had ceased to exist. It was determined that unabsorbed depreciation can only be set off against income from the same business, some business, or notional business under Section 41. If the business source is no longer operational, unabsorbed depreciation cannot be carried forward or set off against other income sources. The appeals were allowed in favor of the revenue. en-us Tue, 13 Apr 1982 00:00:00 +0530 Thu, 02 Dec 2010 11:55:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56192 The Tribunal held that the assessee is not entitled to set off unabsorbed depreciation against income from other sources as the business had ceased to exist. It was determined that unabsorbed depreciation can only be set off against income from the same business, some business, or notional business under Section 41. If the business source is no longer operational, unabsorbed depreciation cannot be carried forward or set off against other income sources. The appeals were allowed in favor of the revenue. Case-Laws Income Tax Tue, 13 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56192