1978 (10) TMI 63

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....he unabsorbed depreciation of Rs. 16,944 in the hands of partners of the assessee, a registered firm. The assessment year involved is 1973-74 and whereas the assessment was framed under s. 143(3) on 29th March, 1976, the AAC's order is dt. 22nd Nov., 1976. The cross objection has been filed to support the AAC's order no relief is sought for. 2. The assessee filed a return declaring a loss of Rs....

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....preciation should be allocated in the hands of the partners. For the assessee, Shri D.S. Gupta, Advocate, appeared and submitted that on the contrary the provisions of s. 32(2) are without any ambiguity and in terms it is provided that in the case of a registered firm the unabsorbed depreciation has to be allocated between the partners. 5. Since the controversy revolves around the interpretatio....

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....added to the amount of the allowance for depreciation of the following previous year and deemed to be part of that allowance, or if there is no such allowance for that previous year, be deemed to be the allowance for that previous year, and so on for the succeeding previous year" If we read the opening words of sub-s. (2) carefully and bring in focus the use of the word `or' in the first senten....