https://www.taxtmi.com/caselaws?id=60548 The Tribunal allowed the assessee's appeal, holding that unabsorbed depreciation from earlier years can be set off against the current year's income under Section 32(2) of the IT Act, irrespective of business continuity or asset ownership. Relying on precedents like Virmani Industries Pvt Ltd and Kapila Textile, the Tribunal emphasized that there is no time limit for carrying forward unabsorbed depreciation. The decision aligned with the interpretation that unabsorbed depreciation benefits can be claimed in any subsequent year with income, even if the business is non-operational, as per the ruling in CIT vs. Rampur Timber & Turnery Co. Ltd. en-us Fri, 07 Jan 1983 00:00:00 +0530 Wed, 05 Jan 2011 18:23:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60548 The Tribunal allowed the assessee's appeal, holding that unabsorbed depreciation from earlier years can be set off against the current year's income under Section 32(2) of the IT Act, irrespective of business continuity or asset ownership. Relying on precedents like Virmani Industries Pvt Ltd and Kapila Textile, the Tribunal emphasized that there is no time limit for carrying forward unabsorbed depreciation. The decision aligned with the interpretation that unabsorbed depreciation benefits can be claimed in any subsequent year with income, even if the business is non-operational, as per the ruling in CIT vs. Rampur Timber & Turnery Co. Ltd. Case-Laws Income Tax Fri, 07 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60548