https://www.taxtmi.com/caselaws?id=17016 The High Court held that unabsorbed depreciation should first be adjusted against the income of partners before being carried forward by the firm for adjustment against its profits in subsequent years. The Court referred to legal principles established by the Supreme Court, emphasizing that a firm and its partners are distinct assessees for income tax purposes. The Court's decision aligned with Section 32(2) of the Income-tax Act, 1961, which outlines the process for adjusting unabsorbed depreciation. en-us Tue, 12 Aug 1997 00:00:00 +0530 Mon, 14 Sep 2009 16:05:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17016 The High Court held that unabsorbed depreciation should first be adjusted against the income of partners before being carried forward by the firm for adjustment against its profits in subsequent years. The Court referred to legal principles established by the Supreme Court, emphasizing that a firm and its partners are distinct assessees for income tax purposes. The Court's decision aligned with Section 32(2) of the Income-tax Act, 1961, which outlines the process for adjusting unabsorbed depreciation. Case-Laws Income Tax Tue, 12 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17016