https://www.taxtmi.com/caselaws?id=27784 Section 41(2) of the Income-tax Act, 1961 applies only when the moneys payable in respect of an acquired asset become ascertained and due in the relevant previous year. Under the Karnataka Contract Carriages (Acquisition) Act, 1976, compensation for acquired vehicles had to be determined by agreement or arbitral award before it became enforceable. As the compensation was not quantified by award during the accounting year, no amount had become due in that year. Section 41(2) therefore could not be invoked for assessment year 1976-77, and the related addition was unsustainable. en-us Fri, 19 Aug 1983 00:00:00 +0530 Tue, 16 Feb 2010 10:47:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27784 Section 41(2) of the Income-tax Act, 1961 applies only when the moneys payable in respect of an acquired asset become ascertained and due in the relevant previous year. Under the Karnataka Contract Carriages (Acquisition) Act, 1976, compensation for acquired vehicles had to be determined by agreement or arbitral award before it became enforceable. As the compensation was not quantified by award during the accounting year, no amount had become due in that year. Section 41(2) therefore could not be invoked for assessment year 1976-77, and the related addition was unsustainable. Case-Laws Income Tax Fri, 19 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27784