B/F unabsorbed depreciation can be set off against Unexplained Income U/s. 68

In the instant case, the Assessing Officer observed that the addition of Rs 13,80,000/- was made u/s. 68 of the Income Tax Act which does not form part of any specific head of income and is also not business income, therefore brought forward unabsorbed depreciation cannot be allowed set off against the same. On appeal, the Commissioner of Income Tax (Appeals) observed that brought forward depreciation can be set off against income under any other head other than business in subsequent years as section 32 provides that brought forward depreciation merges with the depreciation of the current yea...