https://www.taxtmi.com/caselaws?id=9226 Unabsorbed depreciation under section 10(2)(vi) of the Indian Income-tax Act, 1922 could be carried forward only where the assessee remained entitled to depreciation in the later year. Once the business assets were contributed to a partnership, they ceased to be the assessee's personal property and became partnership assets, so depreciation was no longer available to him on those assets. As a result, the earlier unabsorbed depreciation could not be set off against his share of partnership income. Proviso (c) did not apply because it addresses exhaustion of depreciation up to original cost, not a transfer of ownership out of the assessee. en-us Thu, 19 Jul 1973 00:00:00 +0530 Sat, 20 Jun 2009 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9226 Unabsorbed depreciation under section 10(2)(vi) of the Indian Income-tax Act, 1922 could be carried forward only where the assessee remained entitled to depreciation in the later year. Once the business assets were contributed to a partnership, they ceased to be the assessee's personal property and became partnership assets, so depreciation was no longer available to him on those assets. As a result, the earlier unabsorbed depreciation could not be set off against his share of partnership income. Proviso (c) did not apply because it addresses exhaustion of depreciation up to original cost, not a transfer of ownership out of the assessee. Case-Laws Income Tax Thu, 19 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9226