Set off of unabsorbed depreciation against short term capital gains allowed

Suvino Televideo Vs ITO (ITAT Mumbai)

ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short term capital gains. Accordingly, AO is directed to delete the addition and appeal of the assessee is allowed.

Facts- During the year under consideration, the assessee has shown income from house property of Rs. 2,10,252/- after setting off unabsorbed depreciation of Rs. 4,33,328/- of A.Y. 2006-07, business loss of Rs. 2,10,252/- and income from capital gain of Rs. 11,14,59,699/-which has been s

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