https://www.taxtmi.com/caselaws?id=58988 The Tribunal upheld the decision of the lower authorities, dismissing the assessee's appeal to bring forward depreciation allowance against subsequent years' profits. It emphasized that section 44B(1) overrides sections 32(1)(i) and 32(2) in determining taxable profits for non-resident shipping concerns, precluding the allowance of brought forward depreciation. The Tribunal distinguished previous decisions allowing such claims, stating that section 44B specifically excludes such allowances. The appeals were rejected, affirming the inapplicability of section 32(1)(i) and 32(2) due to the supremacy of section 44B(1) in this context. en-us Tue, 23 Oct 1984 00:00:00 +0530 Thu, 23 Dec 2010 14:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58988 The Tribunal upheld the decision of the lower authorities, dismissing the assessee's appeal to bring forward depreciation allowance against subsequent years' profits. It emphasized that section 44B(1) overrides sections 32(1)(i) and 32(2) in determining taxable profits for non-resident shipping concerns, precluding the allowance of brought forward depreciation. The Tribunal distinguished previous decisions allowing such claims, stating that section 44B specifically excludes such allowances. The appeals were rejected, affirming the inapplicability of section 32(1)(i) and 32(2) due to the supremacy of section 44B(1) in this context. Case-Laws Income Tax Tue, 23 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58988