Carried forward unabsorbed depreciation permitted to be set off against short term capital gain

J.B Advani & Company Pvt Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the unabsorbed depreciation which is carried forward from earlier years is permitted to be set off against the short term capital gains. Facts- The assessee company is engaged in the business of manufacturing and supply of electrical steel lamination, gas cutting products, gas regulators, and assembling of welding equipment, & AC/DC ARC Welders. The assessee has filed the return of income disclosing a total income of Rs Nil. The case was selected for limited scrutiny. AO found that the assessee has adjusted and b...