https://www.taxtmi.com/caselaws?id=7588 Under the Indian Income-tax Act, 1922, an earlier assessment order describing a carried-forward amount as loss did not by itself prevent later examination of whether it was in fact unabsorbed depreciation, because depreciation carry-forward is treated separately from business loss. For depreciation on factories taken over on dissolution or similar division, the relevant figure is the actual cost to the recipient, and where assets are genuinely valued and allotted with cash adjustment, that allotted value can be adopted as the cost. The reference was thus mixed, with the first issue favouring the Revenue and the second favouring the assessee. en-us Thu, 23 Jan 1969 00:00:00 +0530 Mon, 02 Mar 2009 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7588 Under the Indian Income-tax Act, 1922, an earlier assessment order describing a carried-forward amount as loss did not by itself prevent later examination of whether it was in fact unabsorbed depreciation, because depreciation carry-forward is treated separately from business loss. For depreciation on factories taken over on dissolution or similar division, the relevant figure is the actual cost to the recipient, and where assets are genuinely valued and allotted with cash adjustment, that allotted value can be adopted as the cost. The reference was thus mixed, with the first issue favouring the Revenue and the second favouring the assessee. Case-Laws Income Tax Thu, 23 Jan 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7588