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TMI Blog2008 (3) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... d could be set off against the business profits. - 135 of 2008 - - - Dated:- 17-3-2008 - K. RAVIRAJA PANDIAN and P. P. S. JANARTHANA RAJA JJ. J. Narayanaswamy for the appellant. JUDGMENT The judgment of the court was delivered by 1. K. R AVIR AJA PAN DIAN J . - The appeal is filed against the order of the Income-tax Appellate Tribunal, Madras "C" Bench, dated February 2, 2007, made in I. T. A. No. 1964/Mds/2003 for the assessment year 2000-01. 2. The facts of the case culminating in filing of the above appeal culled out from the statement of facts contained in the memorandum of appeal go as follows : 3. For the assessment year 2000-01, the assessee had set off the prior years business loss and unabsorbed depr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of depreciation allowance of a business against profits and gains of any other business of the same assessment year. When the depreciation allowance of a business of the assessment year is not absorbed by any other business of the same assessment year, then the remaining unabsorbed depreciation allowance could be set off against the income under any other head, that is assessable for the same assessment year. In the event of depreciation allowance of the year is unable to be absorbed by any other business income or from income under other head in the same assessment year, the remaining unabsorbed depreciation allowance shall be carried forward to the following year and (a) unabsorbed allowance shall be set off against the profits and ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e unabsorbed depreciation allowance, if any, of the assessment year 1996-97 shall be added to the amount of the allowance for depreciation of the assessment year 1997-98 and deemed to be part of the allowance for this year. In other words, the unabsorbed depreciation allowance of the assessment year 1996-97 shall be added to the allowance of 1997-98 and will be deemed to be the allowance of that year. The limitation of eight years shall start from the assessment of year 1997-98." 7. In view of the above position of law, we are of the view that the Tribunal has rightly come to the conclusion that the assessee is entitled to the unabsorbed depreciation brought forward as on April 1, 1997, and could be set off against the business profits. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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