https://www.taxtmi.com/caselaws?id=23807 The High Court of Kerala ruled that the unabsorbed depreciation of a registered firm for the current year should be allocated among the partners, allowing them to set off the loss in their individual assessments. The Court disagreed with the Appellate Assistant Commissioner and Tribunal's decision to carry forward the depreciation for adjustment against future profits of the firm. The judgment favored the Revenue and directed the Income-tax Officer to proceed with the assessment accordingly. en-us Mon, 17 Jul 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:38:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23807 The High Court of Kerala ruled that the unabsorbed depreciation of a registered firm for the current year should be allocated among the partners, allowing them to set off the loss in their individual assessments. The Court disagreed with the Appellate Assistant Commissioner and Tribunal's decision to carry forward the depreciation for adjustment against future profits of the firm. The judgment favored the Revenue and directed the Income-tax Officer to proceed with the assessment accordingly. Case-Laws Income Tax Mon, 17 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23807