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2016 (9) TMI 63 - HC - Income TaxClaim for setting off Unabsorbed Depreciation and Business Loss - Whether ITAT was justified in law in allowing the assessee’s claim for setting off Unabsorbed Depreciation and Business Loss in respect of 100% Export Oriented Unit of the assessee against the profit of other units? - Held that:- The learned Tribunal passed a right order. But it would have been better, if the learned Tribunal had clarified that the set off was to be allowed in the order as laid down in Section 70 and other relevant sections of the Income Tax Act. In that view of the matter, we dispose of the appeal by directing that the losses shall be allowed to be set off and depreciation shall be allowed to be set off in accordance with law.
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