https://www.taxtmi.com/caselaws?id=5476 SC held that unabsorbed depreciation from an earlier accounting year must be carried forward and first set off against income of the immediately following previous year (including property income), and, if not fully absorbed, continued year-to-year, rather than being claimable only when a new business using the same assets commenced. The Court clarified the correct interpretation of section 32(2), allowed the appeal, and remanded the matter to the HC for fresh disposal in accordance with law. en-us Thu, 12 Oct 1995 00:00:00 +0530 Wed, 15 Oct 2025 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5476 SC held that unabsorbed depreciation from an earlier accounting year must be carried forward and first set off against income of the immediately following previous year (including property income), and, if not fully absorbed, continued year-to-year, rather than being claimable only when a new business using the same assets commenced. The Court clarified the correct interpretation of section 32(2), allowed the appeal, and remanded the matter to the HC for fresh disposal in accordance with law. Case-Laws Income Tax Thu, 12 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5476