https://www.taxtmi.com/caselaws?id=16589 The High Court ruled in favor of the Revenue, holding that unabsorbed depreciation takes precedence over unabsorbed development rebate in computing business income for subsequent years. The court emphasized the strict construction of statutory provisions and rejected equitable considerations, stating that the law's clear provisions must prevail. The decision aligned with previous High Court rulings and established the priority of setting off unabsorbed depreciation losses against income over unabsorbed development rebate, based on relevant sections of the Income-tax Act. en-us Tue, 18 Nov 1997 00:00:00 +0530 Tue, 08 Sep 2009 16:30:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16589 The High Court ruled in favor of the Revenue, holding that unabsorbed depreciation takes precedence over unabsorbed development rebate in computing business income for subsequent years. The court emphasized the strict construction of statutory provisions and rejected equitable considerations, stating that the law's clear provisions must prevail. The decision aligned with previous High Court rulings and established the priority of setting off unabsorbed depreciation losses against income over unabsorbed development rebate, based on relevant sections of the Income-tax Act. Case-Laws Income Tax Tue, 18 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16589