TaxTMI 
TaxTMI 
1981 (10) TMI 52
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....ience. 2. We first take up the Departmental appeal. The assessee is an individual. The assessment year involved in this appeal is 1975-76 with the S.Y. 2030 as its previous year. The assessee derives income from salary, interest, other sources and business including share of profit from two firms styled M/s. Delhi Gas Co. and M/s. Kosangas & Co. It appears that the unabsorbed depreciation of the....
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....us that the action of the AAC was not justified. He relied on the decision in the case of Bellarpur Collieries vs. CIT (1973) 92 ITR 219 (Bom). He contended that the AAC accepted the claim of the assessee without considering the real position in law. 5. Sri S. P. Mehta, the ld. Rep. for the assessee, on the other hand, supported the order of the AAC. He stated that the case of Bellarpur Collieri....
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....is entitled to set off such unabsorbed depreciation brought forward from the earlier years against the income of the current year. the only condition is that the unabsorbed depreciation now sought to be set off by the assessee should have been determined in the file of the firms and that the same should not have been set off against the future income of the firms itself. The AAC has no doubt direc....