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1989 (2) TMI 58 - HC - Income TaxExtract: .......own the correct law and following the same, we are of the view that the unabsorbed depreciation would be first set off from the income of the firm for the assessment year 1973-74 and so on till it is wholly absorbed. Accordingly, we answer the question in favour of the assessee, that is, in the negative, leaving the parties to bear their own costs.
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