https://www.taxtmi.com/caselaws?id=58128 The ITAT upheld the AAC's decision in a departmental appeal, confirming the individual assessee's entitlement to set off unabsorbed depreciation from previous years against the current year's income. The ITAT directed the ITO to verify the unabsorbed depreciation amount allocated to the assessee. Additionally, the ITAT dismissed the assessee's cross objection regarding unclear directions for setting off unabsorbed depreciation, deeming it inconsequential in light of the departmental appeal's resolution. The judgment emphasizes adherence to statutory provisions under the IT Act and partners' rights to set off losses against their income, ensuring proper assessment and set-off procedures for taxpayers. en-us Thu, 01 Oct 1981 00:00:00 +0530 Fri, 17 Dec 2010 14:22:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58128 The ITAT upheld the AAC's decision in a departmental appeal, confirming the individual assessee's entitlement to set off unabsorbed depreciation from previous years against the current year's income. The ITAT directed the ITO to verify the unabsorbed depreciation amount allocated to the assessee. Additionally, the ITAT dismissed the assessee's cross objection regarding unclear directions for setting off unabsorbed depreciation, deeming it inconsequential in light of the departmental appeal's resolution. The judgment emphasizes adherence to statutory provisions under the IT Act and partners' rights to set off losses against their income, ensuring proper assessment and set-off procedures for taxpayers. Case-Laws Income Tax Thu, 01 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58128