https://www.taxtmi.com/caselaws?id=37852 The Tribunal was correct in rejecting the assessee's claim to adjust unabsorbed depreciation against the income of the assessment years 1969-70 and 1970-71. The court held that unabsorbed depreciation must be adjusted in the next previous year and cannot be indefinitely carried forward for set off against income in later years. The judgment favored the revenue, with no costs awarded in the case. en-us Tue, 25 Jul 1978 00:00:00 +0530 Thu, 01 Apr 2010 14:04:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37852 The Tribunal was correct in rejecting the assessee's claim to adjust unabsorbed depreciation against the income of the assessment years 1969-70 and 1970-71. The court held that unabsorbed depreciation must be adjusted in the next previous year and cannot be indefinitely carried forward for set off against income in later years. The judgment favored the revenue, with no costs awarded in the case. Case-Laws Income Tax Tue, 25 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37852