https://www.taxtmi.com/caselaws?id=39094 Compulsory contributions made from business revenues to a statutory third party liability fund were deductible in computing taxable profits because the payment arose from a legal obligation under the governing rules and was not a voluntary appropriation of profit. Unabsorbed depreciation deemed to form part of current depreciation under the relevant proviso could also be adjusted against income under other heads, following the settled position in binding precedent. Both tax treatment questions were answered in favour of the assessee corporation. en-us Thu, 07 Aug 1975 00:00:00 +0530 Mon, 12 Apr 2010 14:33:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39094 Compulsory contributions made from business revenues to a statutory third party liability fund were deductible in computing taxable profits because the payment arose from a legal obligation under the governing rules and was not a voluntary appropriation of profit. Unabsorbed depreciation deemed to form part of current depreciation under the relevant proviso could also be adjusted against income under other heads, following the settled position in binding precedent. Both tax treatment questions were answered in favour of the assessee corporation. Case-Laws Income Tax Thu, 07 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39094