https://www.taxtmi.com/caselaws?id=60742 An assessee whose electricity undertaking had been taken over but who had altered its objects, obtained a money-lending licence and continued some lending activity was treated as not wholly closed; the business was regarded as dormant, not abandoned, so depreciation and carry forward of unabsorbed depreciation remained available. A bad-debt claim could not be rejected in a blanket manner without item-wise examination, and the disallowance required fresh consideration on merits. Interest relating to earlier years, payable under the Electricity Act from delivery of the undertaking until payment, could not be taxed in the current year where the assessee maintained mercantile accounts, so its inclusion in present-year income was wrong. en-us Tue, 10 Aug 1982 00:00:00 +0530 Fri, 07 Jan 2011 18:28:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60742 An assessee whose electricity undertaking had been taken over but who had altered its objects, obtained a money-lending licence and continued some lending activity was treated as not wholly closed; the business was regarded as dormant, not abandoned, so depreciation and carry forward of unabsorbed depreciation remained available. A bad-debt claim could not be rejected in a blanket manner without item-wise examination, and the disallowance required fresh consideration on merits. Interest relating to earlier years, payable under the Electricity Act from delivery of the undertaking until payment, could not be taxed in the current year where the assessee maintained mercantile accounts, so its inclusion in present-year income was wrong. Case-Laws Income Tax Tue, 10 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60742