https://www.taxtmi.com/caselaws?id=38713 The court upheld the Tribunal's decision, allowing the assessee to set off unabsorbed depreciation against the computed income for the assessment year 1967-68. The court emphasized the beneficial nature of the provisions under section 41(5) of the Income-tax Act, ensuring continuity of the deeming fiction for assets sold or destroyed. It rejected the revenue's argument and directed the Commissioner of Income-tax to bear the costs of the reference to the assessee. en-us Fri, 03 Dec 1976 00:00:00 +0530 Tue, 19 Apr 2016 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38713 The court upheld the Tribunal's decision, allowing the assessee to set off unabsorbed depreciation against the computed income for the assessment year 1967-68. The court emphasized the beneficial nature of the provisions under section 41(5) of the Income-tax Act, ensuring continuity of the deeming fiction for assets sold or destroyed. It rejected the revenue's argument and directed the Commissioner of Income-tax to bear the costs of the reference to the assessee. Case-Laws Income Tax Fri, 03 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38713