https://www.taxtmi.com/caselaws?id=19015 The High Court of GAUHATI ruled in favor of the assessee, holding that unabsorbed depreciation of a registered firm should be carried forward by the firm itself for setting off against future profits, rather than being allocated to partners. The court emphasized that excessive depreciation should be adjusted against other business income and other heads of income, with any remaining unabsorbed depreciation carried forward by the firm to the succeeding assessment year. The judgment will be transmitted to the Appellate Tribunal without costs. en-us Tue, 03 Jan 1995 00:00:00 +0530 Tue, 03 Nov 2009 13:42:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19015 The High Court of GAUHATI ruled in favor of the assessee, holding that unabsorbed depreciation of a registered firm should be carried forward by the firm itself for setting off against future profits, rather than being allocated to partners. The court emphasized that excessive depreciation should be adjusted against other business income and other heads of income, with any remaining unabsorbed depreciation carried forward by the firm to the succeeding assessment year. The judgment will be transmitted to the Appellate Tribunal without costs. Case-Laws Income Tax Tue, 03 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19015