https://www.taxtmi.com/caselaws?id=276652 Depreciation on buildings and machinery under section 10(2)(vi) of the Income-tax Act, 1922 is treated as an allowable deduction in computing income for the year of assessment and is not confined to absorption against profits of the particular business in which the assets were used. The statutory scheme of sections 6, 10 and 24(1) was read as permitting the allowance to operate against income generally, and the proviso on unabsorbed depreciation was construed in its plain terms. On that reading, depreciation could be set off against gains from other heads of income, including house property rent, in the relevant year. en-us Mon, 08 Apr 1929 00:00:00 +0530 Thu, 15 Nov 2018 12:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276652 Depreciation on buildings and machinery under section 10(2)(vi) of the Income-tax Act, 1922 is treated as an allowable deduction in computing income for the year of assessment and is not confined to absorption against profits of the particular business in which the assets were used. The statutory scheme of sections 6, 10 and 24(1) was read as permitting the allowance to operate against income generally, and the proviso on unabsorbed depreciation was construed in its plain terms. On that reading, depreciation could be set off against gains from other heads of income, including house property rent, in the relevant year. Case-Laws Income Tax Mon, 08 Apr 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276652