Set-off of unabsorbed depreciation allowable against Addition U/s. 68

Asst. Vs Sai Bhaskar Irons Ltd.

Once addition under section 68 was included in gross total income, AO had to allow set off of unabsorbed depreciation loss as provided under section 71 dealing with the set off of loss from one head against income from another head.

FULL TEXT OF THE ITAT JUDGMENT

This appeal is filed by the revenue against the order of the Commissioner of Income-Tax (Appeals) [CIT(A)]-1, Guntur vide ITA No.65/CIT(A)

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