Income Tax Computation without Brought-Forward Business Losses, Unabsorbed Depreciation: ITAT Quashes CIT(A) Order

The ITAT has quashed a CIT(A) order, ruling that an income tax computation without "brought forward business losses and unabsorbed depreciation" is invalid. The tribunal emphasized that these deductions are a fundamental part of the tax computation process and must be considered before arriving at the final tax liability. This ruling provides significant relief to businesses with carried-forward losses and depreciation, ensuring that their tax computation is correct and that they are not over-assessed.