https://www.taxtmi.com/caselaws?id=10790 The court ruled in favor of the assessee regarding the allowance of unabsorbed depreciation for the assessment year 1977-78, allowing the set off of Rs. 20,392 against the firm's income based on section 32(2) of the Income-tax Act, 1961. However, the court sided with the Revenue on the taxability of the remitted amount of Rs. 5,80,884 under section 41(1), holding that it constituted deemed income as the trading liability deduction had been allowed in an earlier assessment year. en-us Tue, 31 Aug 2004 00:00:00 +0530 Sat, 06 May 2017 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10790 The court ruled in favor of the assessee regarding the allowance of unabsorbed depreciation for the assessment year 1977-78, allowing the set off of Rs. 20,392 against the firm's income based on section 32(2) of the Income-tax Act, 1961. However, the court sided with the Revenue on the taxability of the remitted amount of Rs. 5,80,884 under section 41(1), holding that it constituted deemed income as the trading liability deduction had been allowed in an earlier assessment year. Case-Laws Income Tax Tue, 31 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10790