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1992 (11) TMI 49 - HC - Income TaxExtract: .......ed depreciation is concerned, as under section 32 such carried forward depreciation is deemed to be depreciation of the subsequent year to which it is carried forward, it would be permissible to set off such depreciation against the income of the subsequent year under any head. We, therefore, answer question No. 4 accordingly. No order as to costs.
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