https://www.taxtmi.com/caselaws?id=9856 HC set aside the Tribunal's allowance of partial adjustment of unabsorbed depreciation and upheld the Commissioner's direction to treat unabsorbed depreciation and investment allowance as adjusted against the export-oriented business income and recompute total income. The court held the assessee could not apportion depreciation to create a nil tax liability or reserve part for other business income, finding the Tribunal's view prejudicial to Revenue and contrary to the intent of section 10B and section 32. Commissioner's order to recompute income was accepted. en-us Fri, 04 Aug 2006 00:00:00 +0530 Thu, 18 Sep 2025 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9856 HC set aside the Tribunal's allowance of partial adjustment of unabsorbed depreciation and upheld the Commissioner's direction to treat unabsorbed depreciation and investment allowance as adjusted against the export-oriented business income and recompute total income. The court held the assessee could not apportion depreciation to create a nil tax liability or reserve part for other business income, finding the Tribunal's view prejudicial to Revenue and contrary to the intent of section 10B and section 32. Commissioner's order to recompute income was accepted. Case-Laws Income Tax Fri, 04 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9856