Dismissing the appeal of the revenue the Tribunal held that in view of amendment made by Finance Act, 2001, with effect from 1-4-2002, assessee was eligible to claim set-off of unabsorbed depreciation against its current year income from house property and income from other sources. Referred CIT v Virmani Industries (P) Ltd ( 1995) 216 ITR 607 (SC) (AY. 2011-12)
DCIT v. Regency Property Investments (P.) Ltd. (2019) 179 ITD 584 (Mum.)(Trib.)
S. 32 : Depreciation-Set-off of unabsorbed depreciation against its current year income from house property and income from other sources. [S. 22,32 (2), 56]