Dismissing the appeal of the revenue the court held that the, unabsorbed depreciation an be set off against long-term capital gains is permissible. Court also held that valuation adopted by the Tribunal sale of land and building separately is held to be proper. (AY. 2008-09)
PCIT v. Gunnebo India Pvt. Ltd. (2020) 428 ITR 233 (Bom.)(HC)
S. 45 : Capital gains-Unabsorbed depreciation-Set off against long-term capital gains is permissible-Block of assets-Sale of land and building-Land and building valued separately-Held to be proper. [S. 2(11), 32(2), 71, 72, 73]