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2012 (6) TMI 702 - AT - Income TaxIncome from other sources set off against unabsorbed depreciation – Held that:- In the case of Deepak Textile Industries Ltd. (1987 (8) TMI 81 (HC)) it was held that unabsorbed depreciation is to be allowed to be carried forward and set off against assessable income of a subsequent year notwithstanding the fact that the business in respect of which it arose ceased to exist in the year of such set off - once the AO had made requisite enquiry and on investigation he was of the view that the set off of depreciation against the interest income was legally sustainable - no prejudice was caused to the Revenue and upto that extent the order of the AO cannot be termed as an erroneous order. MAT - surplus on transfer of assets to NDDB and the taxability of book profit u/s.115JB of the Act. - held that:- an assessment was completed without ascertaining certain legal as well as factual aspect, then such an order of the AO was termed as an erroneous order. Reasons assigned for holding so were that the relevant material facts were not before the AO hence neither there was an enquiry nor there was application of mind and due to this reason there was no question of difference of opinion. - Revision order u/s 263 upheld - decided against assessee.
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