https://www.taxtmi.com/caselaws?id=56969 The court upheld the assessee's contention that the Income Tax Officer (ITO) was obligated to consider and allow unabsorbed depreciation in the partners' assessments for the preceding year as per section 32(2) of the Income Tax Act. The judgment clarified that the ITO must allow depreciation even if not claimed, with no limitations on revision of assessable income if the assessee succeeds in their contention regarding disallowance of unclaimed depreciation. The decision aimed to prevent double benefits for the assessee by adjusting depreciation twice if successful in a Reference Application for the previous year. en-us Tue, 28 Nov 1989 00:00:00 +0530 Tue, 07 Dec 2010 15:45:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56969 The court upheld the assessee's contention that the Income Tax Officer (ITO) was obligated to consider and allow unabsorbed depreciation in the partners' assessments for the preceding year as per section 32(2) of the Income Tax Act. The judgment clarified that the ITO must allow depreciation even if not claimed, with no limitations on revision of assessable income if the assessee succeeds in their contention regarding disallowance of unclaimed depreciation. The decision aimed to prevent double benefits for the assessee by adjusting depreciation twice if successful in a Reference Application for the previous year. Case-Laws Income Tax Tue, 28 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56969