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2004 (8) TMI 80 - HC - Income TaxAllowance of unabsorbed depreciation and Deemed income u/s 41(1) - "Whether, Tribunal erred in law in allowing the assessee's claim that the unabsorbed depreciation of ₹ 20,392 brought forward from the assessment year 1976-77 should revert back in the case of the firm and it should be set off against the income of the firm in view of the provisions of section 32(2) of the Income-tax Act, 1961?" - "Whether, Tribunal erred in law in holding that the amount of ₹ 5,29,332 was liable to tax as deemed income under sub-section (1) of section 41 of the Income-tax Act, 1961?"
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