https://www.taxtmi.com/caselaws?id=247089 The court upheld the Settlement Commission's decision, ruling that the petitioner must pay additional tax on the entire disclosed income without any set-off for unabsorbed depreciation. The court emphasized the special provision under Section 245C(1B) and (1C) for calculating tax liability, dismissing the petition due to non-compliance with the tax payment requirement. The petitioner's argument for set-off was rejected, affirming that the deeming fiction under Section 245C prevails over general provisions of the Act. en-us Wed, 16 Apr 2014 00:00:00 +0530 Thu, 01 May 2014 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247089 The court upheld the Settlement Commission's decision, ruling that the petitioner must pay additional tax on the entire disclosed income without any set-off for unabsorbed depreciation. The court emphasized the special provision under Section 245C(1B) and (1C) for calculating tax liability, dismissing the petition due to non-compliance with the tax payment requirement. The petitioner's argument for set-off was rejected, affirming that the deeming fiction under Section 245C prevails over general provisions of the Act. Case-Laws Income Tax Wed, 16 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247089