https://www.taxtmi.com/caselaws?id=20475 Genuine closure of a manufacturing business was found where board resolutions, public notice, disconnection of electricity and winding-up records showed cessation of activity; post-closure sales of finished stock were treated as realisation sales, not continuation of trading. The text also states that estoppel does not ordinarily bind a taxpayer across successive assessment years where the earlier return was equivocal and no irreversible representation or detriment to the Revenue was shown. It further explains that unabsorbed depreciation may be carried forward and set off under the statutory fiction even if no business income exists in the year of set-off, including against income from other sources. en-us Mon, 07 Sep 1992 00:00:00 +0530 Sat, 14 Nov 2009 11:51:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20475 Genuine closure of a manufacturing business was found where board resolutions, public notice, disconnection of electricity and winding-up records showed cessation of activity; post-closure sales of finished stock were treated as realisation sales, not continuation of trading. The text also states that estoppel does not ordinarily bind a taxpayer across successive assessment years where the earlier return was equivocal and no irreversible representation or detriment to the Revenue was shown. It further explains that unabsorbed depreciation may be carried forward and set off under the statutory fiction even if no business income exists in the year of set-off, including against income from other sources. Case-Laws Income Tax Mon, 07 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20475