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of <h1>Court rules carried forward depreciation not reducing assets' value due to lack of profits</h1> <h3>Commissioner of Income tax Versus Kamala Mills Ltd.</h3> The HC of Calcutta held that the carried forward depreciation amount was not 'actually allowed' due to lack of profits, thus not reducing the assets' ... - The High Court of Calcutta ruled in a case involving allowable depreciation for the charge year 1942-43. The court determined that the depreciation allowance of Rs. 87,244 carried forward from the previous year was not 'actually allowed' as there were no profits to set it off against. Therefore, the written down value of the assets should not be reduced by this amount. The court held in favor of the assessee.
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