- (1.) This is a reference under Section 66 (1) Income-tax Act, at the instance of the Commissioner of Income-tax, Bengal.
(2.) The question relates to the allowable depreciation for the charge year 1942-43.
(3.) In the preceding charge-year, (1941-42), the allowable depreciation was found to be Rs. 87,244/-. The written down value was Rs. 9,08,003/-. In that year, there was resultant loss, even without taking into consideration the depreciation allowance. The depreciation allowance of Rs. 87,244/- was carried forward to the charge-year 1942-43 as unabsorbed depreciation.;