In reckoner of taxmann of income tax of singhania, it is written that unabsorbed depreciation can be carried forward for indefinite period and can be set off from any head income other than salary head.
But nothing is mention in income tax act about same.
My ca sir's friend who is a retired income tax commissioner says that reckner is wrong. Unabsorbed depreciation cannot be set off from any head income except business head.
I m totally confused about this because in my office computax software also follow reckoner i.e. Set off unabsorbed depreciation with other income except salary head.
But if we prepare income tax return with software available on income tax site, then it does not set off unabsorbed depreciation with any head income except busi. Head.
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