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1997 (8) TMI 57 - PUNJAB AND HARYANA HIGH COURTExtract: .......see and it is held that after adjusting the depreciation against the income of the firm, the balance should have been adjusted against the income of the partners and if some depreciation still remained unadjusted, only then the same could be carried forward by the registered firm to be adjusted against its profits in the subsequent years. No costs.
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