https://www.taxtmi.com/caselaws?id=60375 The tribunal upheld the CIT's order passed under section 263 of the Income-tax Act, 1961, dismissing the appeal filed by the assessee. It concluded that the acceptance of the set-off of unabsorbed depreciation from a predecessor firm in the assessment of a new firm was erroneous and prejudicial to the interest of revenue. The tribunal emphasized that unabsorbed depreciation is a statutory privilege personal to the owner and cannot be transferred to a successor entity, affirming the separate assessable entity status of the new firm. en-us Thu, 27 Feb 2003 00:00:00 +0530 Tue, 04 Jan 2011 18:53:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60375 The tribunal upheld the CIT's order passed under section 263 of the Income-tax Act, 1961, dismissing the appeal filed by the assessee. It concluded that the acceptance of the set-off of unabsorbed depreciation from a predecessor firm in the assessment of a new firm was erroneous and prejudicial to the interest of revenue. The tribunal emphasized that unabsorbed depreciation is a statutory privilege personal to the owner and cannot be transferred to a successor entity, affirming the separate assessable entity status of the new firm. Case-Laws Income Tax Thu, 27 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60375