1997 (8) TMI 56 - HC - Income Tax

Summary

The High Court of Punjab and Haryana disposed of Income-tax References 19 and 20 of 1986 for assessment years 1978-79 and 1979-80. The Tribunal allowed the carry forward of depreciation, which was upheld by the Court based on Supreme Court judgments. The unabsorbed depreciation of a registered firm should be brought back for computation of total income in subsequent years. The Court ruled in favor of the assessee.