https://www.taxtmi.com/caselaws?id=168553 Unabsorbed depreciation from a defunct business cannot be carried into or treated as part of depreciation for subsequent assessment years of a different or continuing business. The proviso governing adjustment of unabsorbed depreciation operates within the computation of profits and presupposes the continued existence of the business whose assets produced the allowance; the 1941 amendment altered priority between prior losses and unabsorbed depreciation but did not create an independent right to apply such depreciation to unrelated business profits. Consequently claims to adjust unabsorbed depreciation after cessation of the underlying business are rejected. en-us Fri, 03 Aug 1962 00:00:00 +0530 Thu, 12 Mar 2015 12:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168553 Unabsorbed depreciation from a defunct business cannot be carried into or treated as part of depreciation for subsequent assessment years of a different or continuing business. The proviso governing adjustment of unabsorbed depreciation operates within the computation of profits and presupposes the continued existence of the business whose assets produced the allowance; the 1941 amendment altered priority between prior losses and unabsorbed depreciation but did not create an independent right to apply such depreciation to unrelated business profits. Consequently claims to adjust unabsorbed depreciation after cessation of the underlying business are rejected. Case-Laws Income Tax Fri, 03 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168553