Brought forward unabsorbed depreciation can be set off against the Income U/S 68

It is concluded in ACIT Vs. M/s. Shree Raghupati Fibres Pvt. Ltd. (ITAT Ahmedabad), ITA. No. 256/Ahd/2011, Date of Order: 12.09.2014, that Brought forward unabsorbed depreciation can be set off against the Income which does not form part of any specific head of income and is also not business income as section 32 provides that brought forward depreciation merges with the depreciation of the current year and becomes current year’s depreciation which is permitted to be set off against any income of the current year other than salary.

Thus

It is not in dispute that brought forward unabsorbed depreciation can be set off against the income which is assessable under the head ‘income from other sources’