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2004 (9) TMI 12 - MADRAS HIGH COURT
Assessee has claimed priority for carry forward of investment allowance over carry forward depreciation - finding the contentions raised on behalf of the assessee as devoid of merit and lacking legal sanction, the pivotal question, viz., whether the unabsorbed depreciation should be allowed before the unabsorbed investment allowance and what would be the order of priority in claiming the unabsorbed depreciation and unabsorbed investment allowance, is answered against the assessee and in favour of the Revenue