https://www.taxtmi.com/caselaws?id=276825 A loss incurred in an Indian State could not be carried forward under section 24(2) where the first proviso to section 24(1) excluded any initial set-off and the relevant State law did not itself permit carry-forward; the claim therefore failed. Depreciation allowed under Part B State law, however, had to be included in computing aggregate depreciation and written down value under the removal of difficulties order, because the statutory scheme required all relevant depreciation to be taken into account; this aspect was allowed. The reference thus produced mixed answers, with the assessee succeeding only on the depreciation computation issue. en-us Tue, 23 Sep 1958 00:00:00 +0530 Mon, 19 Nov 2018 10:20:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276825 A loss incurred in an Indian State could not be carried forward under section 24(2) where the first proviso to section 24(1) excluded any initial set-off and the relevant State law did not itself permit carry-forward; the claim therefore failed. Depreciation allowed under Part B State law, however, had to be included in computing aggregate depreciation and written down value under the removal of difficulties order, because the statutory scheme required all relevant depreciation to be taken into account; this aspect was allowed. The reference thus produced mixed answers, with the assessee succeeding only on the depreciation computation issue. Case-Laws Income Tax Tue, 23 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276825