https://www.taxtmi.com/caselaws?id=39440 The court upheld the Commissioner's order directing the assessment of profits under section 41(2) of the Income-tax Act. It found the assessment of Rs. 25,045 as profits valid, as it represented the excess realization over the written down value of furniture used for business purposes. The court also affirmed the Commissioner's powers under section 263, stating that the failure to assess the profit under section 41(2) was prejudicial to the revenue, justifying the Commissioner's intervention. Additionally, the court held that the assessee could not seek adjustment of losses against the profit taxed under section 41(2), upholding the Tribunal's decision. en-us Fri, 25 Apr 1975 00:00:00 +0530 Fri, 16 Apr 2010 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39440 The court upheld the Commissioner's order directing the assessment of profits under section 41(2) of the Income-tax Act. It found the assessment of Rs. 25,045 as profits valid, as it represented the excess realization over the written down value of furniture used for business purposes. The court also affirmed the Commissioner's powers under section 263, stating that the failure to assess the profit under section 41(2) was prejudicial to the revenue, justifying the Commissioner's intervention. Additionally, the court held that the assessee could not seek adjustment of losses against the profit taxed under section 41(2), upholding the Tribunal's decision. Case-Laws Income Tax Fri, 25 Apr 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39440