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Section 32(2) - Setoff and carry forward of unabsorbed Depreciation

Income Tax - Profit and Gains of Business or Profession - 12 - SEC - 32(2): SET-OFF AND CARRY FORWARD OF UNABSORBED DEPRECIATION SET-OFF OF UNABSORBED DEPRECIATION Current year depreciation shall be allowed to be set off against any income assessable .....

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ward even if business has been discontinued. The unabsorbed depreciation can be carried forward indefinitely. Priority of set-off i. Current Year Depreciation ii. Brought forward Business Losses iii. Brought forward Depreciation Unabsorbed depreciati .....

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