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1973 (4) TMI 31 - HC - Income TaxIn the year 1956-57, which was the last year of the business of manufacture of soap and oil, the Income-tax Officer had worked out depreciation, which could not be fully set off against the profits, and, as such, a part of the depreciation was left unabsorbed. In the assessment year in dispute the assessee claimed that the unabsorbed depreciation to the extent that it pertained to the old machinery utilised in the new business should be brought forward and set off against the profits of the new business - Whether same business should be carried on for the purposes of carry forward and set-off unabsorbed depreciation and whether depreciable assets of the original business should be utilised in the new business
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