{"id":14279,"date":"2020-12-07T13:22:09","date_gmt":"2020-12-07T13:22:09","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-destimoney-india-services-pvt-ltd-2020-427-itr-330-bom-hc\/"},"modified":"2020-12-07T13:22:09","modified_gmt":"2020-12-07T13:22:09","slug":"pcit-v-destimoney-india-services-pvt-ltd-2020-427-itr-330-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-destimoney-india-services-pvt-ltd-2020-427-itr-330-bom-hc\/","title":{"rendered":"PCIT v. Destimoney India Services Pvt. Ltd. (2020) 427 ITR 330 (Bom) (HC)"},"content":{"rendered":"<p>Dismissing the appeal the Court held that by the order passed by the Assessing Officer under section\u00a0154\u00a0of the\u00a0Income-tax Act, 1961\u00a0he had allowed unabsorbed depreciation of earlier years to be set off against the income of the assessee for the AY. under consideration, further allowing unabsorbed depreciation and unabsorbed business loss to be carried forward to the next year for set off. The Commissioner had set aside the order on revision. The Tribunal was correct in restoring the order of rectification. Followed CIT v. Virmani Industries Pvt. Ltd.\u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b1995%5d%20216%20ITR%200607\">[1995] 216 ITR 607<\/a>\u00a0(SC)\u00a0 ( AY.2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.32: Depreciation \u2014 Unabsorbed depreciation \u2014 Carry forward and set off \u2014 Unabsorbed depreciation can be  carried forward and set off against profits of  current year.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14279","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Ij","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14279"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14279\/revisions"}],"predecessor-version":[{"id":14280,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14279\/revisions\/14280"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}