https://www.taxtmi.com/caselaws?id=168555 Unabsorbed depreciation under proviso (b) to Section 10(2)(vi) of the Income-tax Act, 1922 may be treated as part of the loss of profits or gains under the business head for set-off under Section 24(1). The statutory scheme was read as requiring business profits to be computed after Section 10 allowances, with Section 24 then applying the set-off mechanism to the aggregate income. The proviso was construed as giving priority to ordinary losses over carried-forward depreciation, not as excluding depreciation from the expression "loss of profits or gains." For a registered firm, such depreciation-related loss could be apportioned among the partners. en-us Mon, 22 May 1950 00:00:00 +0530 Thu, 12 Mar 2015 13:00:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168555 Unabsorbed depreciation under proviso (b) to Section 10(2)(vi) of the Income-tax Act, 1922 may be treated as part of the loss of profits or gains under the business head for set-off under Section 24(1). The statutory scheme was read as requiring business profits to be computed after Section 10 allowances, with Section 24 then applying the set-off mechanism to the aggregate income. The proviso was construed as giving priority to ordinary losses over carried-forward depreciation, not as excluding depreciation from the expression "loss of profits or gains." For a registered firm, such depreciation-related loss could be apportioned among the partners. Case-Laws Income Tax Mon, 22 May 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168555