1992 (8) TMI 23 - HC - Income Tax

Summary

The High Court of Rajasthan resolved three references made by the Income-tax Appellate Tribunal regarding unabsorbed depreciation for assessment years 1976-77, 1978-79, and 1979-80. The court held in favor of the assessee, allowing set off of unabsorbed depreciation from preceding years against the firm's profits, citing the judgment in Garden Silk Weaving Factory v. CIT [1991] 189 ITR 512.