https://www.taxtmi.com/caselaws?id=19947 The court upheld the retrospective effect of section 144B of the Income-tax Act, 1961, determining it applied to pending assessments, safeguarding the assessee's objections. Realizations by the official liquidator were deemed taxable, following established legal interpretations. Deductions of interest to creditors at agreed rates were denied, lacking substantiation. The assessee was not entitled to depreciation on immovable assets, as affirmed by previous judgments. Interest deductions under sections 220 and 139 were disallowed for not serving business purposes. The Revenue prevailed on issues 1, 2, 4, and 5, with issue 3 remaining unanswered. en-us Tue, 09 Nov 1993 00:00:00 +0530 Tue, 10 Nov 2009 17:20:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19947 The court upheld the retrospective effect of section 144B of the Income-tax Act, 1961, determining it applied to pending assessments, safeguarding the assessee's objections. Realizations by the official liquidator were deemed taxable, following established legal interpretations. Deductions of interest to creditors at agreed rates were denied, lacking substantiation. The assessee was not entitled to depreciation on immovable assets, as affirmed by previous judgments. Interest deductions under sections 220 and 139 were disallowed for not serving business purposes. The Revenue prevailed on issues 1, 2, 4, and 5, with issue 3 remaining unanswered. Case-Laws Income Tax Tue, 09 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19947