https://www.taxtmi.com/caselaws?id=61880 The Tribunal ruled in favor of the assessee, allowing the carry forward of unabsorbed depreciation and investment allowance. It held that these allowances are distinct from business losses and are governed by separate provisions under sections 32 and 33, not subject to the provisions of section 139(3). The Tribunal also clarified that the filing of returns below the taxable limit does not preclude the entitlement to carry forward these allowances. Additionally, it emphasized that section 80 does not restrict the carry forward of unabsorbed depreciation or investment allowance, ultimately directing the Assessing Officer to quantify and set off these allowances against the income for the relevant assessment year. en-us Thu, 16 Feb 1995 00:00:00 +0530 Sat, 15 Jan 2011 17:55:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61880 The Tribunal ruled in favor of the assessee, allowing the carry forward of unabsorbed depreciation and investment allowance. It held that these allowances are distinct from business losses and are governed by separate provisions under sections 32 and 33, not subject to the provisions of section 139(3). The Tribunal also clarified that the filing of returns below the taxable limit does not preclude the entitlement to carry forward these allowances. Additionally, it emphasized that section 80 does not restrict the carry forward of unabsorbed depreciation or investment allowance, ultimately directing the Assessing Officer to quantify and set off these allowances against the income for the relevant assessment year. Case-Laws Income Tax Thu, 16 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61880