2017 (4) TMI 173

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..... follow at par with the current year’s depreciation. In view of the aforesaid position of law set off of unabsorbed depreciation of the earlier years is not confined to the ‘profits and gains of business or profession’ alone in the relevant assessment year. In this view of the matter, we find no infirmity in the order of the CIT(A) in admitting the set off of unabsorbed depreciation of the earlier .....

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..... -08. 3. We have considered the rival submissions and perused the orders of the authorities below. The only question involved in the present case is on treatment of unabsorbed depreciation carried forward in the subsequent assessment year. Section 32 of the Income Tax Act, 1961 (hereinafter referred to as the Act ) provides for depreciation on assets used for purpose of business. Section 32(2) .....

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..... ear s depreciation and deeming the aggregate to be current year s depreciation. The impact of s.72(2) is only on carried forward allowance and not on clubbing of unabsorbed depreciation. Section 73(3) deals with losses in speculation business with which we are not concerned at present. Since the brought forward depreciation is to be considered as forming part of the current year s depreciation by .....

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