Unabsorbed depreciation could be set-off against undisclosed income noticed in search

Court : HIGH COURT OF TELANGANA & ANDHRA PRADESH

Brief :
IT: Where aggregate losses were huge, in which undisclosed income would submerge and would virtually lose its identity, there was nothing to be brought under tax regime of Chapter XIV-B 
IT: An assessee is entitled to seek adjustment of unabsorbed depreciation against any amount of undisclosed income noticed in search.

Citation :
Fenoplast Ltd.
v.
Assistant Commissioner of Income-tax

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