https://www.taxtmi.com/caselaws?id=59888 The Tribunal held that a balancing allowance under section 32(1)(iii) cannot be carried forward under section 32(2). The Assessing Officer's rectification under section 154 to withdraw the benefit of set-off of unabsorbed terminal depreciation was upheld. The Tribunal emphasized that section 32(1)(iii) allows for unabsorbed allowance, not depreciation. The CIT(A) order was upheld, and the appeal was dismissed as the assets were no longer owned or in use by the assessee, making section 32(1) inapplicable. en-us Tue, 23 Aug 1994 00:00:00 +0530 Sat, 01 Jan 2011 16:34:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59888 The Tribunal held that a balancing allowance under section 32(1)(iii) cannot be carried forward under section 32(2). The Assessing Officer's rectification under section 154 to withdraw the benefit of set-off of unabsorbed terminal depreciation was upheld. The Tribunal emphasized that section 32(1)(iii) allows for unabsorbed allowance, not depreciation. The CIT(A) order was upheld, and the appeal was dismissed as the assets were no longer owned or in use by the assessee, making section 32(1) inapplicable. Case-Laws Income Tax Tue, 23 Aug 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59888