https://www.taxtmi.com/caselaws?id=276653 Unabsorbed depreciation attributable to one business may be set off against profits from the assessee's other businesses. Depreciation is an allowance in computing business profits under section 10, and its treatment should not differ from other allowable charges merely because the specific business lacks sufficient profits. The carry-forward proviso for depreciation does not impliedly prevent an intra-year set-off where aggregate business profits are available. Treating "any business" as encompassing all businesses carried on by the assessee supports adjustment of unabsorbed depreciation against profits of other business activities. en-us Fri, 18 Oct 1929 00:00:00 +0530 Thu, 15 Nov 2018 12:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276653 Unabsorbed depreciation attributable to one business may be set off against profits from the assessee's other businesses. Depreciation is an allowance in computing business profits under section 10, and its treatment should not differ from other allowable charges merely because the specific business lacks sufficient profits. The carry-forward proviso for depreciation does not impliedly prevent an intra-year set-off where aggregate business profits are available. Treating "any business" as encompassing all businesses carried on by the assessee supports adjustment of unabsorbed depreciation against profits of other business activities. Case-Laws Income Tax Fri, 18 Oct 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276653