https://www.taxtmi.com/caselaws?id=28409 The court held that the unabsorbed depreciation allowance of Rs. 39,543 for the assessment year 1972-73 could not be adjusted while computing the income of the assessee-firm for the year 1973-74. The court found that the legislative intent was for the partners to set off the unabsorbed depreciation allowance and not for it to be recycled back to the firm. The decision was in line with the views of the Gujarat, Allahabad, and Delhi High Courts, and the court ruled against the assessee, ordering each party to bear their own costs. en-us Fri, 19 Aug 1983 00:00:00 +0530 Mon, 22 Feb 2010 12:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28409 The court held that the unabsorbed depreciation allowance of Rs. 39,543 for the assessment year 1972-73 could not be adjusted while computing the income of the assessee-firm for the year 1973-74. The court found that the legislative intent was for the partners to set off the unabsorbed depreciation allowance and not for it to be recycled back to the firm. The decision was in line with the views of the Gujarat, Allahabad, and Delhi High Courts, and the court ruled against the assessee, ordering each party to bear their own costs. Case-Laws Income Tax Fri, 19 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28409