https://www.taxtmi.com/caselaws?id=61154 The Tribunal allowed the appeal of a registered firm regarding the set off of unabsorbed depreciation amounting to Rs. 20,541 in the assessment year 1978-79. It held that the unabsorbed depreciation, not utilized in the partners' individual assessments, could be added to the firm's depreciation allowance for set off in the following year under section 32(2) of the Income Tax Act, 1961. The Tribunal emphasized the distinct treatment of depreciation allowance compared to business losses and ruled in favor of the assessee, directing the acceptance of the claim for unabsorbed depreciation. en-us Mon, 28 Dec 1981 00:00:00 +0530 Tue, 11 Jan 2011 11:25:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61154 The Tribunal allowed the appeal of a registered firm regarding the set off of unabsorbed depreciation amounting to Rs. 20,541 in the assessment year 1978-79. It held that the unabsorbed depreciation, not utilized in the partners' individual assessments, could be added to the firm's depreciation allowance for set off in the following year under section 32(2) of the Income Tax Act, 1961. The Tribunal emphasized the distinct treatment of depreciation allowance compared to business losses and ruled in favor of the assessee, directing the acceptance of the claim for unabsorbed depreciation. Case-Laws Income Tax Mon, 28 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61154