https://www.taxtmi.com/caselaws?id=28188 Unabsorbed depreciation carried forward under section 32(2) is treated as part of the depreciation allowance of the following year and must be given effect in the relevant assessment. Read with section 72(2), the allowance retains its character and can be adjusted only once, either in the firm's hands or in the partner's individual assessment. Where the firm has ceased to exist, further adjustment in the firm's hands is unavailable, and the partner may set off her share against aggregate income in the individual assessment, subject to the statutory priority accorded to business-loss carry forward rules. en-us Tue, 03 Aug 1982 00:00:00 +0530 Fri, 19 Feb 2010 15:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28188 Unabsorbed depreciation carried forward under section 32(2) is treated as part of the depreciation allowance of the following year and must be given effect in the relevant assessment. Read with section 72(2), the allowance retains its character and can be adjusted only once, either in the firm's hands or in the partner's individual assessment. Where the firm has ceased to exist, further adjustment in the firm's hands is unavailable, and the partner may set off her share against aggregate income in the individual assessment, subject to the statutory priority accorded to business-loss carry forward rules. Case-Laws Income Tax Tue, 03 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28188