1983 (3) TMI 106 - AT - Income Tax

Summary

The appeal was regarding the profit assessed under section 41(2) for the assessment year 1975-76. The issue was whether depreciation on two taxis sold by the assessee had been allowed. The ITAT held that depreciation had only been allowed for the assessment year 1974-75, so the withdrawal of depreciation under section 41(2) should be limited to that year. The appeal was partly allowed.