https://www.taxtmi.com/caselaws?id=17970 The High Court upheld the Tribunal's decision that profits and gains should be reduced by current depreciation first, followed by carried forward business losses and unabsorbed depreciation under section 80J of the Income-tax Act, 1961. This interpretation was consistent with previous judgments and established a clear order of priority for adjusting different items against profits, ensuring uniformity in applying relevant provisions. The reference was resolved in favor of the assessee, emphasizing the significance of adhering to the prescribed priority sequence in computing profits and gains under section 80J. en-us Wed, 22 May 1996 00:00:00 +0530 Fri, 25 Sep 2009 18:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17970 The High Court upheld the Tribunal's decision that profits and gains should be reduced by current depreciation first, followed by carried forward business losses and unabsorbed depreciation under section 80J of the Income-tax Act, 1961. This interpretation was consistent with previous judgments and established a clear order of priority for adjusting different items against profits, ensuring uniformity in applying relevant provisions. The reference was resolved in favor of the assessee, emphasizing the significance of adhering to the prescribed priority sequence in computing profits and gains under section 80J. Case-Laws Income Tax Wed, 22 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17970