https://www.taxtmi.com/caselaws?id=37737 The court held that business losses carried forward from previous years cannot take precedence over the current depreciation allowance. The decision favored the revenue and directed the assessee to pay costs of the reference to the Commissioner, including an advocate's fee of Rs. 250. The court disagreed with the view that business losses should have priority over unabsorbed depreciation allowance, emphasizing that current year's depreciation must be allowed first in computing current year's income. en-us Thu, 23 Sep 1976 00:00:00 +0530 Wed, 31 Mar 2010 17:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37737 The court held that business losses carried forward from previous years cannot take precedence over the current depreciation allowance. The decision favored the revenue and directed the assessee to pay costs of the reference to the Commissioner, including an advocate's fee of Rs. 250. The court disagreed with the view that business losses should have priority over unabsorbed depreciation allowance, emphasizing that current year's depreciation must be allowed first in computing current year's income. Case-Laws Income Tax Thu, 23 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37737