In case of set off of business loss vis-à-vis depreciation, first preference shall be given to business loss

IN THE ITAT MUMBAI BENCH ‘E’ Suresh Industries (P.) Ltd. Versus Assistant Commissioner of Income-tax IT Appeal No. 5374 (Mum.) of 2011 [Assessment year 2007-08] October 10, 2012 ORDER N.K. Billaiya, Accountant Member This appeal by the assessee is directed against the order of Ld. CIT(A)-13, Mumbai dt. 7.4.2011 pertaining to assessment year 2007-08. 2. The assessee has raised two substantive grounds of appeal as under: “1.  The Ld. CIT(A) has erred in law and on the facts of the case in confirming the action of the AO in not allowing current year’s dep...