Revenue appeal fails; cumulative set-off of lower business loss or depreciation allowed under section 115JB Explanation 1(i) clause 2(iii)

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....The ITAT dismissed the Revenue's appeal and upheld the order of the CIT(A) in favour of the assessee. It held that, for computation of book profit u/s 115JB, clause 2(iii) of Explanation 1(i) mandates allowing set-off of the lower of brought-forward business loss or unabsorbed depreciation as per the books of account, on a cumulative basis. Relying on the binding reasoning of a non-jurisdictional High Court and noting dismissal of the Revenue's SLP, the ITAT confirmed that such losses remain available for reduction from book profits until fully absorbed by subsequent profits. No interference with the CIT(A)'s order was warranted, though the matter stands remitted to the AO only for quantification.....