https://www.taxtmi.com/caselaws?id=290111 Where lease terms fixed rent by reference to factory operation and conferred use of plant and vehicles, and the taxpayer made return admissions (loss claims, expenses, depreciation and carry forward of prior losses) implying ongoing trade, the Tribunal's finding that the company was carrying on business in 1948 49 is supportable on the evidence. The proviso requiring recoupment of previously claimed depreciation when sale proceeds exceed written down value applies to disposals of assets whether sold individually or as part of the sale of the whole undertaking; recoupment is therefore mandated on such sales. en-us Thu, 02 Aug 1956 00:00:00 +0530 Wed, 09 Sep 2020 16:05:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290111 Where lease terms fixed rent by reference to factory operation and conferred use of plant and vehicles, and the taxpayer made return admissions (loss claims, expenses, depreciation and carry forward of prior losses) implying ongoing trade, the Tribunal's finding that the company was carrying on business in 1948 49 is supportable on the evidence. The proviso requiring recoupment of previously claimed depreciation when sale proceeds exceed written down value applies to disposals of assets whether sold individually or as part of the sale of the whole undertaking; recoupment is therefore mandated on such sales. Case-Laws Income Tax Thu, 02 Aug 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290111