Taxpayer's Set-Off Denied: Revenue Mistakenly Blocks Unabsorbed Depreciation Allowance u/ss 32(2), 70, & 71.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Determination of Business Income – Set off of Depreciation/ Losses - The Revenue was not correct in law in denying the set off of the unabsorbed depreciation allowance/loss of the assessee's eligible unit/s against its income from other sources in terms of ss. 32(2), 70 & 71 - AT....