https://www.taxtmi.com/caselaws?id=24745 The court held that unabsorbed depreciation of a registered firm, if not fully set off in partners' assessments, should be brought back and carried forward in the firm's assessment for the following year as per Section 32(2) of the Income-tax Act, 1961. The court unanimously ruled in favor of the assessee-registered firm, allowing the set-off of unabsorbed depreciation against the firm's income in subsequent years, contrary to the Revenue's argument. en-us Tue, 12 Jul 1988 00:00:00 +0530 Fri, 22 Jan 2010 11:02:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24745 The court held that unabsorbed depreciation of a registered firm, if not fully set off in partners' assessments, should be brought back and carried forward in the firm's assessment for the following year as per Section 32(2) of the Income-tax Act, 1961. The court unanimously ruled in favor of the assessee-registered firm, allowing the set-off of unabsorbed depreciation against the firm's income in subsequent years, contrary to the Revenue's argument. Case-Laws Income Tax Tue, 12 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24745