1993 (7) TMI 26

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..... consideration is the same and the assessee is also the same. Though the question is the same, it pertains to five assessment years, viz., assessment years 1972-73, 1973-74, 1974-75, 1975-76 and 1976-77. The question which arises for consideration is, whether the assessee was entitled to claim a set off of unabsorbed depreciation allowance carried forward from the assessment year 1967-68 against i .....

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..... be stated. This court in CIT v. Deepak Textile Industries Ltd. [1987] 168 ITR 773 and Anant Mills Ltd. v. CIT [1994] 206 ITR 582 has held that the unabsorbed depreciation could be set off in the subsequent years against the income under the head "Other sources" notwithstanding the fact that the business in respect of which it arose ceased to exist in the year of such set off. Following those two d .....

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