https://www.taxtmi.com/caselaws?id=24125 Section 32(2) of the Income-tax Act, read with sections 72(2) and 75(2), was construed to permit unabsorbed depreciation from an earlier year to be first adjusted against the income of a registered firm and, if any balance remained, to be carried forward until fully absorbed. The line of authority favouring continued carry forward of unabsorbed depreciation was preferred over conflicting High Court views. The question was answered in favour of the assessee and against the Revenue, so the assessee was entitled to set off the depreciation against the relevant assessment year's income and carry forward the balance. en-us Wed, 01 Feb 1989 00:00:00 +0530 Sat, 16 Jan 2010 17:52:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24125 Section 32(2) of the Income-tax Act, read with sections 72(2) and 75(2), was construed to permit unabsorbed depreciation from an earlier year to be first adjusted against the income of a registered firm and, if any balance remained, to be carried forward until fully absorbed. The line of authority favouring continued carry forward of unabsorbed depreciation was preferred over conflicting High Court views. The question was answered in favour of the assessee and against the Revenue, so the assessee was entitled to set off the depreciation against the relevant assessment year's income and carry forward the balance. Case-Laws Income Tax Wed, 01 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24125