Assessee wins case on carrying forward unabsorbed depreciation

The High Court of Punjab and Haryana ruled in favor of the assessee, allowing the carrying forward of unabsorbed depreciation to be set off in the hands of the registered firm rather than its partners, based on a previous case reference. No costs were awarded.

---

---

The High Court of Punjab and Haryana ruled in favor of the assessee regarding the carrying forward of unabsorbed depreciation. The court referenced a previous case and answered the question in the affirmative, stating that unabsorbed depreciation should be set off in the hands of the registered firm and not its partners. No costs were awarded. [Case: 1989 (3) TMI 96 - PUNJAB AND HARYANA High Court]

---