https://www.taxtmi.com/caselaws?id=27140 The court ruled in favor of the assessee, an American shipping company, stating that the loss allowable under section 32(1)(iii) of the Income-tax Act, 1961, should be treated as a business loss and carried forward under section 72 for set off against future business profits. The court emphasized that while depreciation allowances under other sections can be carried forward under section 32(2), the balancing allowance under section 32(1)(iii) must be considered a business loss subject to an eight-year limitation. en-us Fri, 14 Jun 1985 00:00:00 +0530 Thu, 11 Feb 2010 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27140 The court ruled in favor of the assessee, an American shipping company, stating that the loss allowable under section 32(1)(iii) of the Income-tax Act, 1961, should be treated as a business loss and carried forward under section 72 for set off against future business profits. The court emphasized that while depreciation allowances under other sections can be carried forward under section 32(2), the balancing allowance under section 32(1)(iii) must be considered a business loss subject to an eight-year limitation. Case-Laws Income Tax Fri, 14 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27140