Brought forward unabsorbed depreciation cant be set off against Income from HP & other sources
The Relevant Text of the Order as follows:
As is discernible from a perusal of the aforesaid statutory provision i.e Sec. 32(2), it can safely be concluded that as the same in substance had remained the same as in context to that applicable to the case of the assessee before us, therefore, the aforesaid view arrived at by the Hon’ble Apex Court seizes the issue under consideration.
Accordingly, we are of the considered view that as the set-off of the unabsorbed depreciation cannot be bridled with a condition that the business should be continued by the assessee in the said year, therefore, the claim of set-off of the brought forward unabsorbed depreciation by the assessee against its current year Income from house property of Rs.2,15,72,559/- and Income from other sources of Rs.5,60,579/- is found to be in conformity with the mandate of law. We thus not find any infirmity in the order of the CIT(A), who had rightly vacated the incorrect view taken by the A.O, therefore, uphold his order.
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