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2017 (4) TMI 173 - AT - Income TaxTreatment of unabsorbed depreciation carried forward in the subsequent assessment year - Held that:- Since the brought forward depreciation is to be considered as forming part of the current year’s depreciation by legal fiction as noted, same treatment to unabsorbed depreciation of earlier years would follow at par with the current year’s depreciation. In view of the aforesaid position of law set off of unabsorbed depreciation of the earlier years is not confined to the ‘profits and gains of business or profession’ alone in the relevant assessment year. In this view of the matter, we find no infirmity in the order of the CIT(A) in admitting the set off of unabsorbed depreciation of the earlier year against the current year’s income as claimed. - Decided against revenue
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