Unabsorbed b/f depreciation and business loss allowed inspite of no manufacturing activity

Meghmani Energy Ltd. Vs DCIT (ITAT Ahmedabad)

Set-off of unabsorbed brought forward depreciation and business loss allowed, even though there was no manufacturing activity during the year, as the business was not abandoned/ closed

Facts- The assessee is engaged in the business of producing energy. During the course of the assessment proceedings, AO observed that the assessee had not generated any revenue for the year from business operations. Further, the assessee had clai

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