The intention of the legislature in introducing the amendment, ...

Amendment clarifies no set off of losses allowed u/s 68, but permits set off against unabsorbed depreciation.

November 25, 2019

Case Laws Income Tax HC

The intention of the legislature in introducing the amendment, as stated in the explanatory note, is to avoid unnecessary litigation and to expressly provide that no set off of any loss shall be allowable in respect of income u/s 68. Therefore, it has to be held that, as on the relevant date of the assessment, there was no bar existed with respect to allowing set off against the carried forward unabsorbed depreciation on fixed assets, with respect to income u/s 68.

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The intention of the legislature in introducing the amendment, ...

Amendment clarifies no set off of losses allowed u/s 68, but permits set off against unabsorbed depreciation.

November 25, 2019

Case Laws Income Tax HC

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