https://www.taxtmi.com/caselaws?id=5188 In computing profits of a new industrial undertaking for exemption under section 15C of the 1922 Act and section 84 of the 1961 Act, earlier depreciation and development rebate could be carried forward only if they remained unabsorbed against the assessee's total income of those years. Once fully absorbed, those allowances could not be deducted again from the undertaking's current-year profits to reduce the exemption. The exemption therefore applied on the computed profits of the new unit, without reopening allowances already exhausted in prior years. The same construction governed both provisions, and the exemption claims for the relevant assessment years were upheld. en-us Fri, 06 Oct 1978 00:00:00 +0530 Fri, 15 Feb 2019 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5188 In computing profits of a new industrial undertaking for exemption under section 15C of the 1922 Act and section 84 of the 1961 Act, earlier depreciation and development rebate could be carried forward only if they remained unabsorbed against the assessee's total income of those years. Once fully absorbed, those allowances could not be deducted again from the undertaking's current-year profits to reduce the exemption. The exemption therefore applied on the computed profits of the new unit, without reopening allowances already exhausted in prior years. The same construction governed both provisions, and the exemption claims for the relevant assessment years were upheld. Case-Laws Income Tax Fri, 06 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5188