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TMI Blog1981 (10) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal. The assessee is an individual. The assessment year involved in this appeal is 1975-76 with the S.Y. 2030 as its previous year. The assessee derives income from salary, interest, other sources and business including share of profit from two firms styled M/s. Delhi Gas Co. and M/s. Kosangas Co. It appears that the unabsorbed depreciation of the aforesaid firms during the earlier years wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fied. He relied on the decision in the case of Bellarpur Collieries vs. CIT (1973) 92 ITR 219 (Bom). He contended that the AAC accepted the claim of the assessee without considering the real position in law. 5. Sri S. P. Mehta, the ld. Rep. for the assessee, on the other hand, supported the order of the AAC. He stated that the case of Bellarpur Collieries was that of a registered firm and so th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preciation brought forward from the earlier years against the income of the current year. the only condition is that the unabsorbed depreciation now sought to be set off by the assessee should have been determined in the file of the firms and that the same should not have been set off against the future income of the firms itself. The AAC has no doubt directed the ITO to allow the set off in accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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