https://www.taxtmi.com/caselaws?id=8685 The court ruled in favor of the assessee, allowing the carry-forward of unabsorbed depreciation from previous years to the assessment year 1962-63 despite the business ceasing operations. Additionally, the court permitted the set-off of this unabsorbed depreciation against income deemed as business income under section 41(1). The judgment favored the assessee, affirming their right to utilize the unabsorbed depreciation and awarding costs in their favor. en-us Fri, 12 Nov 1971 00:00:00 +0530 Tue, 02 Jun 2009 19:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8685 The court ruled in favor of the assessee, allowing the carry-forward of unabsorbed depreciation from previous years to the assessment year 1962-63 despite the business ceasing operations. Additionally, the court permitted the set-off of this unabsorbed depreciation against income deemed as business income under section 41(1). The judgment favored the assessee, affirming their right to utilize the unabsorbed depreciation and awarding costs in their favor. Case-Laws Income Tax Fri, 12 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8685