30 December 2011
Brought forward unabsorbed depreciation assessment year 2006-2007 can be set off against (current) income from other source assessment year 2011-2012?
31 December 2011
Mr. Vipul, a slight correction. Unabsorbed depreciation can be set off even against salary income. Unabsorbed depreciation can be set off against ANY INCOME.
This is because unabsorbed depreciation is NOT business loss.
It is governed by Section 32 and NOT Section 71 or Section 72.
So unabsorbed depreciation can be carried forward indefinately and can be set off against ANY income, INCLUDING SALARY INCOME.
CAclubindia
