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2016 (12) TMI 1477 - ITAT DELHISetting off the brought forward unabsorbed depreciation against the Income from House Property - Held that:- As decided in CIT vs. Spel Semi Conductors Ltd [2012 (12) TMI 81 - MADRAS HIGH COURT] revenue does not deny the fact that as far as the income from other sources are concerned, there could be no set off of business loss or carried forward loss. Section 72(2) is as regards set off of business loss as against the income from profits and gains of business or profession and if there is loss as well as unabsorbed depreciation, the set off shall be first on the business loss as against the business income and then on unabsorbed depreciation. What is spoken to under Section 32(2) is as regards set off of unabsorbed depreciation as per clause (ii) of sub section (1) and when the unabsorbed depreciation could not be set off as against the income from business or profession by reason of there being no income available under the said heads and where there is income from other sources, effect must be given to Section 32(2) of the Act for that assessment year - rejecting the Revenue's plea, there by confirming the order of Tribunal Allow the claim of the assessee of adjusting the Brought Forward Unabsorbed Depreciation Loss against current year’s income and accordingly, allow the appeal of the Assessee.
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