1990 (8) TMI 65 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee, a registered firm, allowing deduction of brought forward unabsorbed depreciation from profits of assessment years 1970-71 and 1971-72 to calculate total income. The judgment was delivered by Judge T. D. Sugla. The Department's counsel admitted the decision in Ballarpur Collieries Co. v. CIT [1973] 92 ITR 219 supported the assessee's position. No costs were awarded.