Unabsorbed depreciation for and up to AY 1996–1997 could be carried forward and set-off against income chargeable under any head of income in any subsequent year

CIT Vs Kriti Resorts Pvt. Ltd. High Court of Himachal Pradesh ITA No’s. 42, 46, 52, 53 & 57 of 2007 Decided on: 8 July 2011 Judgement Per: Deepak Gupta, J: 1. These appeals are being disposed of by a common judgement since all these appeals have been admitted on the following substantial questions of law: “1.Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that depreciation on vehicles is allowable as a deduction against the interest income earned, even when such income had been held by the Tribunal to be income char...