Unabsorbed carried forward losses cannot be given preference over current depreciation

SUPREME COURT OF INDIA COMMISSIONER OF INCOME TAX, KANPUR ETC. Vs. M/S. MOTHER INDIA DATE OF JUDGMENT – 14/08/1985 BENCH: TULZAPURKAR, V.D. , MUKHARJI, SABYASACHI (J) , MISRA RANGNATH CITATION: 1985 AIR 1720, 1985 SCR Supl. (2) 556, 1985 SCC (4)1, 1985 SCALE (2)236 ACT: Indian Income Tax Act, 1922, ss. 10(2) (vi) proviso (b) and 24 (2) proviso (b) Income Tax Act, 1961. ss. 32(2) and 72 (2). Unabsorbed carried forward losses and current depreciation -Deduction of – Unabsorbed carried forward losses cannot be given preference over current depreciation While computi...