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2008 (3) TMI 328 - HC - Income Tax“Whether, Tribunal was right in allowing the set off of prior years business loss and unabsorbed depreciation against short-term capital gains ? - the unabsorbed depreciation allowance of the assessment year 1996-97 shall be added to the allowance of 1997-98 and will be deemed to be the allowance of that year. The limitation of eight years shall start from the assessment of year 1997-98 – Assessee entitled to set off of unabsorbed depreciation and loss in A.Y. 2000-01 - Tribunal has rightly come to the conclusion that the assessee is entitled to the unabsorbed depreciation brought forward as on April 1, 1997, and could be set off against the business profits.
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