Profit set off against business loss & unabsorbed depreciation, no taxable income. Reopening futile after SC ruling. Revision quashed.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Assessee's contention upheld that for AY 2019-20, profit is required to be set off against business loss of AY 2018-19 and remaining profit against brought forward unabsorbed depreciation from AY 2013-14 to AY 2018-19, resulting in no taxable income. Reopening u/s 263(1) merely for inquiries futile as carry forward of depreciation no longer debatable after Supreme Court ruling. Revision order u/s 263 quashed. Assessee's appeal allowed.....