Set off of Unabsorbed depreciation where Business loss still not fully absorbed

Set off of Unabsorbed depreciation where Business loss still not fully absorbed

Where assessee could not set off whole of unabsorbed business loss against business income of relevant assessment year and unabsorbed business loss yet continued to survive, the unabsorbed depreciation could be allowed to be set off against income from other sources. There is no stipulation under section 72(2) read with section 32(2) that assessee has to wait for business loss to be exhausted first before claiming adjustment of unabsorbed depreciation. - Vide  In the Madras High Court  CIT v. SPEL Semi Conductor Ltd. (2013) 49 (I) ITCL 82 (Mad-HC)

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