https://www.taxtmi.com/caselaws?id=58842 The Tribunal allowed the revenue's appeal, upholding the ITO's decision to allow current depreciation before setting off past losses brought forward from earlier years. The Tribunal relied on legal precedents, emphasizing the priority of current year's depreciation in computing business income. The Commissioner (Appeals) order was reversed, and the Tribunal reinstated the ITO's decision, resulting in the computation of business income for the assessment year without setting off unabsorbed business loss brought forward. en-us Thu, 12 Apr 1984 00:00:00 +0530 Wed, 22 Dec 2010 14:39:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58842 The Tribunal allowed the revenue's appeal, upholding the ITO's decision to allow current depreciation before setting off past losses brought forward from earlier years. The Tribunal relied on legal precedents, emphasizing the priority of current year's depreciation in computing business income. The Commissioner (Appeals) order was reversed, and the Tribunal reinstated the ITO's decision, resulting in the computation of business income for the assessment year without setting off unabsorbed business loss brought forward. Case-Laws Income Tax Thu, 12 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58842