https://www.taxtmi.com/caselaws?id=152683 Section 13(6) of the Kerala Agricultural Income-tax Act bars carry forward of loss and depreciation only for the assessment year in which an assessee reopts from compounding under section 13(1) to regular assessment under section 3. For later years, once the assessee continues under regular assessment, the normal carry-forward rule under section 12 applies. Depreciation remains claimable only on new assets acquired after the switch, not on assets held before the changeover. The stated conclusion was that the disallowance operated only for assessment year 2001-02, while carry forward to 2002-03 was permitted subject to the asset-based limitation on depreciation. en-us Thu, 24 Jan 2008 00:00:00 +0530 Tue, 09 Jul 2013 10:25:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152683 Section 13(6) of the Kerala Agricultural Income-tax Act bars carry forward of loss and depreciation only for the assessment year in which an assessee reopts from compounding under section 13(1) to regular assessment under section 3. For later years, once the assessee continues under regular assessment, the normal carry-forward rule under section 12 applies. Depreciation remains claimable only on new assets acquired after the switch, not on assets held before the changeover. The stated conclusion was that the disallowance operated only for assessment year 2001-02, while carry forward to 2002-03 was permitted subject to the asset-based limitation on depreciation. Case-Laws Income Tax Thu, 24 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152683