https://www.taxtmi.com/caselaws?id=65809 The Tribunal upheld the exemption under Section 10(26) of the IT Act, 1961 for the assessee's income from a taxi business for the assessment years 1964-65 to 1974-75, as it arose within the specified area of Shillong. However, for the assessment years 1975-76 to 1978-79, where part of the income arose outside the specified area, 50% of the income was deemed taxable. The deletion of interest under Section 139(8) for 1964-65 was not addressed due to the favorable ruling on the exemption issue. The Tribunal also supported the carry forward of losses for various assessment years, directing the ITO to verify and include computed losses accordingly. en-us Sun, 23 Sep 1984 00:00:00 +0530 Fri, 18 Feb 2011 17:59:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65809 The Tribunal upheld the exemption under Section 10(26) of the IT Act, 1961 for the assessee's income from a taxi business for the assessment years 1964-65 to 1974-75, as it arose within the specified area of Shillong. However, for the assessment years 1975-76 to 1978-79, where part of the income arose outside the specified area, 50% of the income was deemed taxable. The deletion of interest under Section 139(8) for 1964-65 was not addressed due to the favorable ruling on the exemption issue. The Tribunal also supported the carry forward of losses for various assessment years, directing the ITO to verify and include computed losses accordingly. Case-Laws Income Tax Sun, 23 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65809