2026 (8) TMI 1028

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....RDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of ld. CIT(A)/ADDL/JCIT(A), Panaji dated 31.01.2026 for Assessment Year (AY) 2016-17. Though the assessee has raised multiple grounds of appeal, however, the substantial ground of appeal relates to not allowing set off of unabsorbed depreciation of Rs. 4,....

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.... that section and cannot override section 72(2) of Income Tax Act. To support his submission, the ld. AR of the assessee relied upon the following decision: * CIT vs Jaipuria China Clay Mines (P) Ltd. (1966) 59 ITR 555 (SC) * CIT vs Mother India Refrigeration Industries (P) Ltd. (1985) 155 ITR 711 (SC) * CIT vs Virmani Industries (P) Ltd. (1995) 216 ITR 607 (SC) ....

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....issions of both the parties and have gone through the orders of lower authorities carefully. We have also deliberated on various case laws relied by both the parties. There is no dispute that assessee was having unabsorbed depreciation of Rs. 4,38,160/-. The assessee was having income from house property of Rs. 12,60,877/-. The assessee in its computation of income claimed set off of unabsorbed de....