https://www.taxtmi.com/caselaws?id=58387 Section 41(1) does not apply unless a prior deduction or allowance was obtained and the liability has subsequently been remitted or ceased; customer deposits and current liabilities taken over in a nationalisation process did not satisfy those conditions. Section 41(2) also could not operate where an entire bottling and marketing undertaking was acquired for a lump sum as a slump transfer, because no separate value was attributed to individual depreciable assets such as plant or machinery. The discussion therefore treats both provisions as inapplicable on the stated facts, and notes that the departmental addition was deleted while other claims were remanded for fresh consideration. en-us Fri, 29 Apr 1988 00:00:00 +0530 Sat, 18 Dec 2010 17:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58387 Section 41(1) does not apply unless a prior deduction or allowance was obtained and the liability has subsequently been remitted or ceased; customer deposits and current liabilities taken over in a nationalisation process did not satisfy those conditions. Section 41(2) also could not operate where an entire bottling and marketing undertaking was acquired for a lump sum as a slump transfer, because no separate value was attributed to individual depreciable assets such as plant or machinery. The discussion therefore treats both provisions as inapplicable on the stated facts, and notes that the departmental addition was deleted while other claims were remanded for fresh consideration. Case-Laws Income Tax Fri, 29 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58387