Assessee company filed its return and declared ‘Nil’ business income. Subsequently, assessee filed a rectification application before Assessing Officer seeking set-off of unabsorbed losses.  Assessing Officer held that fresh claim of deduction could not be considered since assessee had omitted to file such with original return. CIT (A) affirmed the order of the Assessing Officer. On appeal Tribunal held that  in view of provision of section 72(1)(i) whether or not assessee has set-off losses in return of income, income tax authorities are required to give effect to section 72(1)(i) and set-off such losses. Accordingly the Assessing Officer was to be directed to consider assessee’s claim of set-off of unabsorbed losses/depreciation against declared income.  (AYs. 2005-06 to 2008-09)