The Tribunal held that the Madras High Court had decided the issue in favour of the assessee in the case of CIT v. Tamil Nadu Small Industries Corporation Ltd. (T.C.A No. 236/2017). In light of the decision of the Madras High Court, the Assessing Officer was directed to delete the disallowance and allow the setting off of unabsorbed depreciation. (AY. 2007-08)
Adm Agro Industries Latur and Vizag Pvt. Ltd. v. Dy. CIT (2022) 96 ITR 450 (Delhi)(Trib)
S. 32 : Depreciation-Unabsorbed depreciation-Set-off-Disallowance was deleted. [S. 32(2)]