https://www.taxtmi.com/caselaws?id=38761 The court held that unabsorbed depreciation from earlier years can be set off against profits for a subsequent assessment year under section 41(2) of the Income-tax Act. Relying on relevant provisions and precedents, including Commissioner of Income-tax v. Rampur Timber & Turnery Co. Ltd., the court emphasized the allowance of set-off to prevent tax anomalies and give effect to legislative intent. The judgment favored the assessee, affirming the Tribunal's decision and directing in favor of the assessee against the department, allowing for the set-off of unabsorbed depreciation against profits for the assessment year 1970-71. en-us Tue, 14 Jun 1977 00:00:00 +0530 Thu, 08 Apr 2010 18:07:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38761 The court held that unabsorbed depreciation from earlier years can be set off against profits for a subsequent assessment year under section 41(2) of the Income-tax Act. Relying on relevant provisions and precedents, including Commissioner of Income-tax v. Rampur Timber & Turnery Co. Ltd., the court emphasized the allowance of set-off to prevent tax anomalies and give effect to legislative intent. The judgment favored the assessee, affirming the Tribunal's decision and directing in favor of the assessee against the department, allowing for the set-off of unabsorbed depreciation against profits for the assessment year 1970-71. Case-Laws Income Tax Tue, 14 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38761