https://www.taxtmi.com/caselaws?id=17014 Unabsorbed depreciation of a registered firm, once allocated to partners and left partly or wholly unabsorbed in their individual assessments, is treated in later years as the firm's own unabsorbed depreciation for carry forward and set-off against the firm's income. The principle follows Supreme Court authority that the balance depreciation can be brought back to the firm for computation of its total income in subsequent assessment years. The question was answered in the affirmative, in favour of the assessee and against the Revenue. en-us Mon, 11 Aug 1997 00:00:00 +0530 Mon, 14 Sep 2009 16:01:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17014 Unabsorbed depreciation of a registered firm, once allocated to partners and left partly or wholly unabsorbed in their individual assessments, is treated in later years as the firm's own unabsorbed depreciation for carry forward and set-off against the firm's income. The principle follows Supreme Court authority that the balance depreciation can be brought back to the firm for computation of its total income in subsequent assessment years. The question was answered in the affirmative, in favour of the assessee and against the Revenue. Case-Laws Income Tax Mon, 11 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17014