Dismissing the appeal of the Revenue, High Court  held that clause 2(iii) of Explanation 1(i) of section 115JB makes it clear that amount of loss brought forward or unabsorbed depreciation whichever is less as per books of account must be permitted to be set off and, therefore, cumulative brought forward losses or unabsorbed depreciation should be considered for set off. Circulars and Notifications: Circular No. 495, dated 22-9-1987, (1987) 168 ITR 87 (St). SLP of Revenue  dismissed.  (AY. 2010-11)