Dismissing the appeal of the assessee, the Court held that Tribunal was justified in rejecting the claim of the assessee for set off of unabsorbed depreciation carried forward from the earlier year while computing the income under S. 44BB of the Act. (AY. 2008-09)
Boskalia International Dredging v. DIT(IT) (2019) 182 DTR 148/(2020) 313 CTR 360 (Bom.)(HC)
S. 44BB : Mineral oils–Computation-Unabsorbed depreciation-Carried forward from earlier year-Cannot be set off against while computing the profits and gains of eligible business u/s. 44BB of the Act. [S. 32(2)]