Unabsorbed depreciation to be set-off with income from other sources even if business losses not yet exhausted

HIGH COURT OF MADRAS Commissioner of Income-tax Versus SPEL Semi Conductor Ltd. TAX CASE (APPEAL) NO. 2490 OF 2006 OCTOBER 10, 2012 JUDGMENT Chitra Venkataraman, J. The Revenue is on appeal as against the order of the Income Tax Appellate Tribunal relating to assessment year 1998-99. The above Tax Case (Appeal) was admitted on the following questions of law:- “1.  Whether on the facts and circumstances of the case, the Tribunal was right in directing the Assessing Officer to recompute the income after allowing set off of unabsorbed depreciation from income from other so...