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1962 (8) TMI 70 - HC - Income TaxExtract: ....... year and it was held that the depreciation allowance should be adjusted first before setting off prior losses. No other decision has been referred to us by Mr. Ramaswami. For the reasons stated above, our answer to the question referred to us is in the negative. The assessee shall pay the costs of the department. Question answered in the negative.
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