SESHASAYEE PAPER & BOARDS LIMITED vs DEPUTY COMMISSIONER OF INCOME TAX

Whether unabsorbed depreciation should be allowed before unabsorbed investment allowance when the assessee had not claimed unabsorbed depreciation in its return though it claimed depreciation for the current year --- Held No, the assessee cannot bifurcate the claim; unabsorbed depreciation merges with current depreciation by legal fiction and must be set off first as per statutory priority.