India: Unabsorbed depreciation carried over may be used even if no business activity in later tax year (tribunal decision); other direct and indirect tax developments
Recent direct and indirect tax developments in India
The Ahmedabad Tribunal held that unabsorbed depreciation carried over to a subsequent tax year may be used to offset the taxpayer’s income in the carryover even if the taxpayer did not conduct any business activity in that year.
The case is: Parshwanath Land Organisers LLP v. ITO
Read a September 2025 report prepared by the KPMG member firm in India, which includes summaries of other indirect and indirect tax developments