https://www.taxtmi.com/caselaws?id=8013 Under the Indian Income-tax Act, 1922, carried forward business loss had priority over current depreciation when computing taxable income. Unabsorbed depreciation under section 10(2)(vi) was treated as part of the succeeding year's depreciation allowance, but section 24(2) and its proviso gave preference to set-off of carried forward business loss. Read together, the provisions required the earlier business loss to be deducted before current depreciation, so that the statutory priority for loss adjustment was preserved. en-us Fri, 04 Sep 1970 00:00:00 +0530 Fri, 27 Mar 2009 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8013 Under the Indian Income-tax Act, 1922, carried forward business loss had priority over current depreciation when computing taxable income. Unabsorbed depreciation under section 10(2)(vi) was treated as part of the succeeding year's depreciation allowance, but section 24(2) and its proviso gave preference to set-off of carried forward business loss. Read together, the provisions required the earlier business loss to be deducted before current depreciation, so that the statutory priority for loss adjustment was preserved. Case-Laws Income Tax Fri, 04 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8013