Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 166 - AT - Income TaxAddition of capital gains - set off provision allow adjustment of loss under any head other than capital gain against income from any head including the head capital gains - Held that:- In the present case the assessee had earned capital gain but had no loss under any other head but it had accumulated depreciation which has been brought forward from earlier years. The various decisions of various Benches of the Tribunal in the case of Virmani Industries Pvt. Ltd. and Others (1995 (10) TMI 1 - SUPREME Court) has held that brought forward depreciation from earlier years becomes part of the current year’s depreciation and has further held that since there is no difference between the brought forward depreciation and current year’s depreciation therefore, is allowable as set off against the capital gains. Long Term Capital Gain earned by the assessee is eligible to be set off against the brought forward unabsorbed depreciation and therefore, we set aside the orders of authorities below. - Decided in favour of assessee.
|