unabsorbed depreciation

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CA Jay shah (Querist)
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25 March 2009 whether unabsorbed depreciation can be set off against income from winning from lottery,or horse race,
please give me answer its a urgent & with reasons

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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25 March 2009 Un absorbed depreciation cannot be set off against the winning from horse race. The main reason being that winning from horse rac e have a characteristic of irrgularity and an element of luck.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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25 March 2009 as per singhania... unabsorbed depreciation can be set off and carry forward against any income except the head "salary"
so i believe it can be set off

M KRISHNAKUMAR

M KRISHNAKUMAR (Expert)
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25 March 2009 UNABSORBED DEPRECIATION CANNOT BE SET OFF AGAINST WINNINGS FROM HORSE RACES BECAUSE THE INCOME COMES U/S 115BB.NO DEDUCTIONS PERMITTED. BUT IF IT IS INCOME FROM OWNING AND MAINTAINING RACE HORSES THEN UNABSORBED DEPRECIATION CAN BE SET OFF

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