Brought forward Unabsorbed Depreciation shall be treated as Depreciation of the Current Year u/s 32 of the Income Tax Act: ITAT

The Income Tax Appellate Tribunal (ITAT), Delhi bench has directed the Assessing Officer to treat brought forward unabsorbed depreciation as the depreciation of the current year for the purpose of provisions of section 32 of the Income Tax Act, 1961. The assessee company was engaged in the business of manufacturing of yarn and fabric, temporarily […]
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