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2019 (8) TMI 1414 - AT - Income TaxAllowability of set off of unabsorbed depreciation - with ‘Income from house property’ and ‘income from other sources’ - HELD THAT:- A comparative study of pre-amendment and post amendment provisions of Sec. 32(2) suggests that prior to the amendment, the set off was restricted to the profits and gains, if any, of any business or profession whereas post amendment (i.e. the law applicable for the year under consideration) the set off is available from profits or gains chargeable for the previous year. In A.Y 2007-08, the CIT(A) has allowed the claim of set off in assessee's own case and in A.Y 2013-14, AO himself has allowed the claim of set off. Considering the facts of the case in hand in light of the relevant provisions of the Act and considering the decision of SURESH INDUSTRIES (P.) LTD. VERSUS ACIT [2012 (11) TMI 674 - ITAT MUMBAI] we direct the Assessing Officer to allow the claim of set off of unabsorbed depreciation by setting aside the findings of the CIT(A). - Decided in favour of assessee.
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