https://www.taxtmi.com/caselaws?id=37442 Unabsorbed depreciation of a registered firm may, after apportionment to partners under section 32(2) of the Income-tax Act, 1961, be brought back into the firm's subsequent assessment if the partners cannot absorb it for want of sufficient income; the firm is therefore entitled to the set-off. Unabsorbed development rebate stands on a different footing under section 33(2): the provision contains no partner-wise apportionment and operates within the firm's own assessment, subject to creation and maintenance of the statutory reserve. On that statutory scheme, the rebate is adjusted against the firm's total income. The reference was answered in favour of the assessee on both questions. en-us Mon, 22 Jan 1979 00:00:00 +0530 Mon, 29 Mar 2010 16:46:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37442 Unabsorbed depreciation of a registered firm may, after apportionment to partners under section 32(2) of the Income-tax Act, 1961, be brought back into the firm's subsequent assessment if the partners cannot absorb it for want of sufficient income; the firm is therefore entitled to the set-off. Unabsorbed development rebate stands on a different footing under section 33(2): the provision contains no partner-wise apportionment and operates within the firm's own assessment, subject to creation and maintenance of the statutory reserve. On that statutory scheme, the rebate is adjusted against the firm's total income. The reference was answered in favour of the assessee on both questions. Case-Laws Income Tax Mon, 22 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37442