Lower of unabsorbed depreciation and business loss allowed as set off against current book profit

PVR Pictures Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that lower of unabsorbed depreciation and business loss deserved to be set off against the current year books profit in terms of provisions of clause (iii) of Explanation-1 to Section 115JB (2) of the Income Tax Act. Facts- The assessee reiterated adjustment of carried forward business loss or unabsorbed depreciation whichever is lower, against ‘Book Profit’ for the purposes of Section 115JB of the Act. The CIT(A) observed that the assessee is not entitled to such adjustment in the facts of the case. Aggrieved by the denial of relief, t...