1989 (2) TMI 58 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessee-firm regarding the set off of unabsorbed depreciation for assessment years 1971-72 and 1973-74. The court held that the unabsorbed depreciation should be set off from the firm's income for the assessment year 1973-74 and subsequent years until fully absorbed. The decision was based on the interpretation of relevant provisions of the Income-tax Act, 1961 and previous court decisions.