https://www.taxtmi.com/caselaws?id=759768 Kerala HC dismissed the writ petition challenging carry forward of depreciation allowance. The court held that depreciation allowance carried forward under Section 32(2) of the Income Tax Act, though deemed business loss under Sections 71 and 72, can only be set off against profits from business or profession, not against income from other sources. The petitioner's argument that Section 72 is subject to Section 71 was rejected, as Section 32(2) expressly makes carry forward subject to Section 72 provisions. en-us Fri, 06 Sep 2024 00:00:00 +0530 Tue, 08 Oct 2024 07:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759768 Kerala HC dismissed the writ petition challenging carry forward of depreciation allowance. The court held that depreciation allowance carried forward under Section 32(2) of the Income Tax Act, though deemed business loss under Sections 71 and 72, can only be set off against profits from business or profession, not against income from other sources. The petitioner's argument that Section 72 is subject to Section 71 was rejected, as Section 32(2) expressly makes carry forward subject to Section 72 provisions. Case-Laws Income Tax Fri, 06 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759768