https://www.taxtmi.com/caselaws?id=36945 The court held that unabsorbed depreciation allocated to partners reverts back to the firm for computation in subsequent years if not wholly set off by partners. The court favored the interpretation benefiting the assessee, allowing the registered firm to carry forward and set off unabsorbed depreciation in succeeding years. The court emphasized that the firm, not the partners, should carry forward the depreciation allowance exclusively under section 32(2) of the Income-tax Act, 1961. The decision was in favor of the assessee, with no costs awarded. en-us Fri, 14 Dec 1979 00:00:00 +0530 Thu, 25 Mar 2010 15:34:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36945 The court held that unabsorbed depreciation allocated to partners reverts back to the firm for computation in subsequent years if not wholly set off by partners. The court favored the interpretation benefiting the assessee, allowing the registered firm to carry forward and set off unabsorbed depreciation in succeeding years. The court emphasized that the firm, not the partners, should carry forward the depreciation allowance exclusively under section 32(2) of the Income-tax Act, 1961. The decision was in favor of the assessee, with no costs awarded. Case-Laws Income Tax Fri, 14 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36945