https://www.taxtmi.com/caselaws?id=166273 The text clarifies two tax questions: first, additional remuneration paid to a managing director under service agreements does not constitute business income where the functions and tenure reflect employment/directorship rather than carrying on business, so such receipts are not taxable as profits under the business head; second, unabsorbed depreciation from a prior year is carried forward and becomes part of the subsequent year's depreciation allowance and may be set off only against business profits chargeable to tax in that year, thereby neutralising business profit to the extent available, but cannot be treated as a loss for set off against other heads of income. en-us Wed, 05 Sep 1962 00:00:00 +0530 Thu, 11 Sep 2014 11:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166273 The text clarifies two tax questions: first, additional remuneration paid to a managing director under service agreements does not constitute business income where the functions and tenure reflect employment/directorship rather than carrying on business, so such receipts are not taxable as profits under the business head; second, unabsorbed depreciation from a prior year is carried forward and becomes part of the subsequent year's depreciation allowance and may be set off only against business profits chargeable to tax in that year, thereby neutralising business profit to the extent available, but cannot be treated as a loss for set off against other heads of income. Case-Laws Income Tax Wed, 05 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166273