https://www.taxtmi.com/caselaws?id=168749 Under the Income-tax Act, 1922, current-year depreciation had to be deducted first in computing business profits under section 10, and only any unabsorbed balance could be carried forward under proviso (b) to section 10(2)(vi). The priority rule in section 24(2)(b) applied only where carried forward depreciation and carried forward loss were both at the same stage for set-off in a later year. It did not permit earlier-year loss to be adjusted ahead of depreciation that was still being absorbed in the current year's computation. The depreciation was therefore to be given effect before the loss brought forward from earlier years. en-us Mon, 19 Aug 1957 00:00:00 +0530 Wed, 25 Mar 2015 13:03:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168749 Under the Income-tax Act, 1922, current-year depreciation had to be deducted first in computing business profits under section 10, and only any unabsorbed balance could be carried forward under proviso (b) to section 10(2)(vi). The priority rule in section 24(2)(b) applied only where carried forward depreciation and carried forward loss were both at the same stage for set-off in a later year. It did not permit earlier-year loss to be adjusted ahead of depreciation that was still being absorbed in the current year's computation. The depreciation was therefore to be given effect before the loss brought forward from earlier years. Case-Laws Income Tax Mon, 19 Aug 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168749