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

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September 30, 2025

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

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