https://www.taxtmi.com/caselaws?id=39639 For a registered firm, unabsorbed depreciation of earlier years is worked out in the partners' assessments under section 32(2) of the Income-tax Act, so once effect has been given there, the firm cannot carry it forward again against its own income. The statutory scheme is directed against double benefit and does not permit the same depreciation to be used both at firm level and partner level. The claim to carry forward and set off business loss against the later assessment year was also rejected on the binding view applied by the Court. en-us Thu, 26 Sep 1974 00:00:00 +0530 Thu, 15 Jan 2026 17:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39639 For a registered firm, unabsorbed depreciation of earlier years is worked out in the partners' assessments under section 32(2) of the Income-tax Act, so once effect has been given there, the firm cannot carry it forward again against its own income. The statutory scheme is directed against double benefit and does not permit the same depreciation to be used both at firm level and partner level. The claim to carry forward and set off business loss against the later assessment year was also rejected on the binding view applied by the Court. Case-Laws Income Tax Thu, 26 Sep 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39639