1983 (3) TMI 106

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.... (2). The assessee had sold during the previous year two cars run as taxis. They had run these cars as taxis for earlier years as well. The income from these taxis had been computed by the ITO on an estimate basis. For the asst. yr. 1973-74, the ITO has clearly estimated the net income from the taxis without even mentioning that the depreciation on the cars must be deemed to have been allowed in e....

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....see that in completing the assessment for 1974-75 it has been indicated by the ITO that depreciation has been taken into account in computing the income from the taxis and, therefore the depreciation is only for that assessment year, namely 1974-75, that could be the subject matter of the provisions of s. 41 (2). Reliance is placed in this regard on the decision of the Supreme Court in Madava Upen....