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Informative

Set off of Depreciation Cannot be Against ‘Income From Any Other Sources’: Kerala HC Dismisses Writ

Update / Judgement Date

03 Oct 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income Tax

The Kerala High Court dismissed petitions filed by Alapatt Jewellers, ruling that depreciation cannot be set off against income from any other sources. The jeweler sought to offset depreciation losses against income from non-business sources, which the court rejected. The ruling clarifies the limitations on depreciation set-offs and reinforces strict adherence to the provisions of the Income Tax Act.